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YIT Group

Building firm merger to result in 240 job losses

Finland is set to see some 240 jobs lost as a result of the merger between the YIT and Lemminkäinen construction companies.

Kerrostalon rakennustyömaa.
Rakentaminen on suhdanneherkkä toimiala, joka reagoi nopeasti talouden muutoksiin. Muuttovoittoisessa maakuntakeskuksessa Joensuussa on viime vuosina rakennettu kiivaaseen tahtiin, mutta nyt vauhti on tasaantunut. Arkistokuva. Image: Ismo Pekkarinen / AOP

There will be some 240 job losses in Finland when the impact of the merger between YIT and Lemminkäinen construction companies works its way through.

Following mandatory co-determination talks with unions, YIT announced that up to 120 of those will be redundancies from YIT, with a similar number of jobs lost due to retirements and the non-renewal of fixed-term contracts.

The company says the reductions will not affect those working on construction sites in Finland. In addition, YIT is to let go some 200 people abroad, mainly in Russia.

Some 150 jobs had already been cut at the start of the year.

The two firms' merger became official in January when the competition regulator approved the deal. YIT shareholders hold 60 percent of the stock in the new firm, while Lemminkäinen owners will take 40 percent. The company is known as YIT.