Caverion’s history and establishment

Caverion was established through the demerger of building services and industrial services businesses from YIT Group in June 2013.

 

 

 As part of YIT, Caverion’s roots go back to 1912 when the Swedish company Allmänna Ingeniörsbyrån (AIB) established a branch office in Helsinki. Over the years, YIT developed into Finland’s leading builder of water supply and sewerage systems. In the 1970s, YIT started providing service and maintenance in properties, later followed by maintenance of industrial pipelines. The origins of Caverion’s business in building systems and industrial services lie in this business.

Revenue development supported by acquisitions

The building systems and industrial services business has grown over the years both organically and through acquisitions. In 2001−2010 the business was strongly expanded to cover totally new geographical areas. Through the acquired companies, the roots of our company go back even further in history.

Acquisitions have supported our revenue development: In 2000−2012, the revenue of our building systems and industrial services increased by 15% annually on average.

Our strategy is to continue expanding. In particular, the Central European market provides many opportunities for acquisitions.

Caverion was established in a partial demerger of YIT in 2013
 

February 4
YIT’s Board of Directors decided to start preparations for the demerger.

February 21
YIT’s Board of Directors approved the demerger plan.

May 3
YIT Corporation’s Board of Directors conditionally appointed President and CEO and Management Board for Caverion Corporation.

June 5
The demerger circular including Caverion’s strategic goals for 2014−2016 was published.

June 17
YIT’s Extraordinary General Meeting decided on the demerger and the composition of the Board of Directors on the basis of the proposal by YIT’s Personnel Committee.

June 30
Caverion was established and its share was separated from YIT share.

July 1
Trading in Caverion Corporation shares started on NASDAQ OMX Helsinki.