YIT buys in Slovakia
By Sandy Guthrie08 October 2010
Finnish-based construction company YIT has finalised the acquisition of Slovakian construction company Reding, the transaction having been approved by the competition authorities in Slovakia.
YIT acquired 70% of the company's shares from its founder, Ladislav Versovsky, who will continue as chairman and shareholder with the remaining 30%.
Established in 1997, Reding concentrates on residential and commercial buildings, and is said to have a good market position in Bratislava and its neighbouring areas. It will continue to operate as a general contractor, as well as a developer of residential and commercial projects, under the name YIT Reding.
Jouni Forsman, director of YIT's construction services in the Baltic and Central Eastern Europe, said, "The acquisition provides us with a good foothold in the Slovakian market. The company has competent personnel and management, and its reputation in the market is good. The company has several ongoing construction projects, and it also has some plots for future housing and real estate development projects."
Mr Versovsky said, "By combining the knowledge of local personnel with the international experience of YIT, we can develop our services and increase our competitiveness."
Yit recently acquired Caverion, a company which provides building system services in Central Europe.