YIT board approves partial demerger

Final approval has been given for the partial demerger of Finnish contractor YIT, separating off its Building Services group, which will be transferred to new company Caverion Corporation.

Henrik Ehrnrooth has been named as Caverion chairman, Michael Rosenlew will serve as vice chairman and Anna Hyvönen, Ari Lehtoranta and Eva Lindqvist will sit as members of the board of directors.

Ari Lehtoranta and Michael Rosenlew will resign from YIT's board of directors on election to the board of Caverion.

YIT’s board of directors will then consist of Henrik Ehrnrooth as chairman, Reino Hanhinen as vice chairman, and Kim Gran, Satu Huber and Erkki Järvinen as members.

Set for registration on June 30, 2013, Caverion will become an independent public limited company, separate from YIT Corporation.

YIT's Construction Services business will remain with YIT.