Caverion Corporation specialises in designing, building and maintaining "user-friendly and energy-efficient building systems", and offers industrial services. It currently employs over 16000 employees across 11 countries, with a 2019 revenue of approximately EUR 2.1 billion. Shares are listed on Nasdaq Helsinki.
History
The history of the present YIT Corporation began in 1912, when the Swedish consulting engineering company Allmänna Ingeniörsbyrån established a branch office in Helsinki. Finnish business men continued the operations by establishing a company named Ab Almänna Ingeniörsbyrån - Yleinen Insinööritoimisto Oy in 1920. Yleinen Insinööritoimisto became the leading builder of water supply plants in Finland and built water supply systems for most of Finland's cities. Towards the end of the 1930s, the operations expanded into water management systems for the forest industry, at the end of 1940s into the import and trade of water supply pipes and in the mid 1950s also to other areas of construction. In the 1970s, YIT began to provide property service and maintenance as well as technical expertise in addition to its core construction competence. YIT also expanded its operations into the maintenance of steel structures and industrial pipelines.
YIT expanded its operations from construction into building systems by acquiring Huber Oy, specialist in industrial projects, maintenance and plumbing work. Huber was the leading company in this field in Finland and with it YIT also gained a foothold in the Swedish market. With the acquisition, YIT became a significant building systems and industrial service company.
2001
YIT acquired the Swedish building systems company, Calor Ab. This acquisition made YIT a major industrial pipeline and HV contractor in Sweden.
2003
Acquisition of ABB's building systems complemented the YIT's water and heating technology competence with ABB's competence in electric and ventilation systems, and provided new business in Sweden, Norway, Denmark, the Baltic Countries and Russia. YIT's personnel doubled as a result of the acquisition.
YIT acquired the German building services company Caverion GmbH. As a result of the acquisition, Building Services became YIT's largest segment in terms of revenue and number of personnel. The revenue from Central Europe doubled and YIT became the second largest provider of building systems services in Germany measured by revenue. (source: The management's estimate based on public information from third parties
2013
Caverion Corporation was established through the partial demerger of YIT Corporation on June 30, 2013 when YIT's Building Services and Industrial Services operations were transferred to an independent company. Trading in Caverion Corporation's shares at Helsinki Stock Exchange began July 1, 2013.
2015
Acquisition of Esco Norway, Norway
2016
Acquisition of Arneg Kühlmöbel. Austria Acquisition of Sähkötaso Esitystekniikka Oy, Finland
2017
Asset deal with Enegia covering remote property management in Finland Divestment of product business under the Krantz brand, Germany
2018
Acquisition of Jetitek Oy, Finland Divestment of piping and tank business and the related Ylivieska workshop, Finland Divestment of Czech subsidiary, Caverion Česká republika s.r.o.
2019
Acquisition of Maintpartner’s operations in Finland, Estonia and Poland Acquisition of Refrigeration Solutions business of Huurre Group Oy in Finland and Sweden Acquisition of Pelsu Pelastussuunnitelma Oy, Finland Divestment of Polish subsidiary, Caverion Polska Sp. Z o.o.
Corporate governance
Ari Lehtoranta was appointed to Group President & CEO 1st of Jan, 2017.
Services and products
Caverion designs, builds, operates and maintains intelligent and energy-efficient solutions for buildings, industries and infrastructures. The service areas span the whole life cycle of buildings and industries. Caverion's operations and market offerings cover the following service areas:
According to KPMG in November 2019 Norwegian Caverion and Lithuania Caverion paid employees in Norway 99 krones an hour while minimum wage was 184,36 Norwegian krones an hour. The incident was investigated by Statsbygg in Norway and though several regulatory violations were found, among them violating subcontractors pay and working conditions, the violations were not of the nature that Caverion was considered to have engaged in social dumping.
