Caverion is a Finnish listed company that designs, implements, and maintains building technology and industrial services. Its offering covers the entire life cycle of buildings, infrastructure, or industrial sites and processes: from design and build to projects, technical and industrial maintenance, facility management, and advisory services. The company has two business units: Services and Projects and has about 14,500 employees in 10 countries. Its shares are listed on the

Nasdaq Helsinki The Nasdaq Helsinki, formerly known as the Helsinki Stock Exchange ( fi, Helsingin Pörssi, sv, Helsingforsbörsen), is a stock exchange located in Helsinki, Finland. Since 3 September 2003, it has been part of Nasdaq Nordic (previously called ...

History

Caverion was established in June 2013 through the demerger of the Building Services and Industrial Services businesses from

YIT Group YIT Oyj is the largest Finnish and significant North European construction company. YIT is headquartered in Helsinki and its stock is listed on Nasdaq Helsinki Oy. YIT develops and builds apartments, business premises and entire areas. YIT is al ...

. The company has a long heritage, with roots in many different countries. As part of YIT, the company's roots go back to 1912 in Finland. In some divisions, the roots of later-integrated companies go back even to the 19th century.

Key mergers and acquisitions

2013

Caverion Corporation was established on June 30, 2013, through the partial demerger of YIT Corporation, when YIT's Building Services and Industrial Services operations were transferred to an independent company. Trading in Caverion Corporation's shares on the Helsinki Stock Exchange (NASDAQ OMX Helsinki Ltd) began on 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.

2020

* Divestment of the parts of Industry operations to Elcoline Oy

2021

* Acquisition of GTS Immobilien GmbH in Austria * Acquisition of Felcon GmBH in Austria * Acquisition of RPH Linc AB in Sweden * Acquisition of Merius Oy in Finland * Acquisition of Bott Kälte- und Klimatechnik in Germany * Divestment of the subsidiary in Russia

2022

* Divestment of ALEA GmbH in Austria * Acquisition of Carrier's food retail refrigeration business in Finland * Acquisition of LukkoPro in Finland * Acquisition of Simex Klima & Kulde AS in Norway * Acquisition of CS electric A/S in Denmark * Acquisition of Visi Oy in Finland * Acquisition of PORREAL Group in Austria * Division of the business of Botnia Mill Service between Caverion and Metsä Fibre * Acquisition of WT-Service Oy in Finland * Acquisition of Wind Controller in Finland * Acquisition of the business of Kaldt og Varmt AS in Norway * Acquisition of DI-Teknik A/S in Denmark * Acquisition of the business of Frödéns Ventilation AB in Sweden

Corporate governance

Caverion announced on May 19, 2021 that the Board of Directors had appointed Jacob Götzsche as the President and CEO of Caverion Corporation. He started in this position on August 9, 2021

Ownership

Biggest shareholders at the end of May 2022: # Herlin Antti # Fennogens Investments # Varma Mutual Pension Insurance Company # Mandatum Companies # Säästöpankki Funds # Ilmarinen Mutual Pension Insurance Company # Elo Mutual Pension Insurance Company # Caverion Oyj # The State Pension Fund # Brotherus Ilkka

Sustainability

Caverion's sustainability target by 2030 is to create sustainable impact through our solutions, with a positive carbon handprint 10 times greater than the company's own carbon footprint. The company has three focus areas in sustainability: # Decreasing our footprint # Increasing our handprint # Caring for our people # Ensuring sustainable value chain

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. 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.

References

External links

* {{Official website, https://www.caverion.fi/ Construction and civil engineering companies of Finland 1912 establishments in Finland Construction and civil engineering companies established in 1912 Companies listed on Nasdaq Helsinki