The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41.20 - Construction of residential and non-residential buildings
120 jobs Number of planned job losses
Announcement Date
12 February 2018
Employment effect (start)
Foreseen end date
31 December 2018
Description
Finnish construction company YIT is initiating employer-employee negotiations to reduce up to 460 jobs in Finland and Russia, of which 240 are in Finland. The job reductions will not concern blue-collar or white-collar employees in production related jobs at construction sites. The preliminary estimate is that the potential dismissals will take place in 2018.
The restructuring is intended to eliminate overlapping jobs, following the merger of the two construction giants YIT and Lemminkäinen which was completed in February 2018. Through the fusion, the new YIT aims to get a stronger grasp on the European market.
Update 10/04/2018: Employer-employee negotiations were concluded in early April 2018, and the final number of dismissals at YIT landed at 120. The job reductions will not concern blue-collar or white-collar employees in production related jobs at construction sites. YIT announced an additional 120 job reductions to be carried out by natural exits, retirements and terminations of fixed-term employment contracts.
Sources
12 February 2018: YLE
12 February 2018: Helsingin Sanomat
10 April 2018: YIT (press release)
10 April 2018: Helsingin Sanomat
Citation
Eurofound (2018), YIT, Merger/Acquisition in Finland, factsheet number 93365, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93365.
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