Caverion

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.[1]

History

The history of the present YIT Corporation began in 1912, when the Swedish consulting engineering company Allmänna Ingeniörsbyrån (AIB) 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 (later YIT) 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.

1995

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.

2008

Building systems services were expanded into six new countries in Central Europe - Germany, Austria, Poland, the Czech Republic, Hungary and Romania, after YIT acquired the building systems business of MCE AG in these countries in 2008.

2010

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 (NASDAQ OMX Helsinki Ltd) 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.[2]

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:

  • Advisory Services
  • Design & Engineering
  • Project Management
  • Project Execution
  • Technical Maintenance
  • Managed Services

Controversies

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.[3]

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. [4]

Sources
  1. "CAV1V, Caverion Oyj, (FI4000062781) - Nasdaq". www.nasdaqomxnordic.com. Retrieved 2020-02-19.
  2. Oyj, Caverion. "Caverion appoints Ari Lehtoranta as Group President and CEO". GlobeNewswire News Room. Retrieved 2017-02-06.
  3. Suomalaisomisteisen yrityksen maksamat palkat ihmetyttävät Norjassa – Selvitys: Työntekijälle maksettiin puolet norjalaisen tuntipalkasta. Caverion-yhtiön mukaan epäily palkkojen polkemisesta on väärä ja liettualaisille on maksettu minimipalkkaa vastaavasti YLE 12.11.2019
  4. Byggeindustrien (2019-12-05). "Statsbygg-granskning av byggeplassen til nytt nasjonalmuseum: - Ikke sosial dumping". Bygg.no - Byggeindustrien (in Norwegian Bokmål). Retrieved 2020-02-19.
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