YIT Corporation Investor News 1 June 2023 at 07:00
Prysmian Group Finland Oy has selected YIT as its implementation phase partner for constructing the Prysmian Tower in Kirkkonummi. The implementation phase will continue the cooperation from the development phase, transforming the project into an alliance project. The estimated total value of the construction project is approximately EUR 65 million. The contract will be entered in the order book for the second quarter of the year.
The building is to become a production facility of high-voltage submarine cables and, at 185 metres, the tallest building in Finland.
With the investment, Prysmian Group is responding to the energy transition as well as the fierce demand for land and submarine power cables to be expedited by the related technology. High-voltage submarine cables are needed all over the world in the power transmission of investments in the green transition, such as offshore wind farms.
“This is an exceptional and demanding project and we had the pleasure of choosing a trusted Finnish operator to implement it. We are convinced that cooperation with YIT will provide the best solution for us in this crucial project, which will enable us to further strengthen the role of the Pikkala plant as a leading technology hub in the field, and the plant’s ability to meet the requirements set by Europe's green transition and energy independence,” says Ferdinando Quartuccio, CEO of Prysmian Group Finland.
The implementation phase begins immediately and will last until the summer of 2025 when the tower is estimated for completion.
“We are excited to be part of this project, which assists in enabling the green transition in energy, as it is at the core of our strategy. The project enables us to use and show our diverse expertise in the construction of the tallest building in Finland,” says Aleksi Laine, Interim EVP of, Infrastructure segment, at YIT.
For further information, please contact:
Samu Heikkilä, Investor Relations Manager, YIT Corporation, tel. +358 44 581 7979, [email protected]
Aleksi Laine, Interim EVP, Infrastructure segment, YIT, media enquiries through Group Communications, tel. +358 (0)44 743 7536, [email protected]
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and significant North European development and construction company. For YIT is the largest Finnish and an important North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia, and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com
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