Caverion

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 14,000 employees in 10 countries. Its shares are listed on the Nasdaq Helsinki[1]

Caverion Oyj
TypeJulkinen osakeyhtiö
HEL: CAV1V
IndustryTechnical solutions for buildings and industries
Founded2013 (2013)
Headquarters
Vantaa
,
Finland
Key people
Jacob Götzsche (President & CEO at Caverion), Mats Paulsson (Chairman)
Revenue€ 2,139.5 million (2021)
Number of employees
14,831 (2021)
Websitewww.caverion.com
Caverion's head office in Vantaa Vapaala.

History
Caverion van

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

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

Acquisition of WT-Service Oy in Finland

Acquisition of Wind Controller in Finland

Acquisition of Kaldt og Varmt AS in Norway

Acquisition of DI-Teknik A/S in Denmark

Acquisition of Frödéns Ventilation AB in Sweden

Acquisition of CS Electric A/S in Denmark

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[2]

Ownership

Biggest shareholders at the end of May 2022:[3]

  1. Herlin Antti
  2. Fennogens Investments
  3. Varma Mutual Pension Insurance Company
  4. Mandatum Companies
  5. Säästöpankki Funds
  6. Ilmarinen Mutual Pension Insurance Company
  7. Elo Mutual Pension Insurance Company
  8. Caverion Oyj
  9. The State Pension Fund
  10. 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:[4]

  1. Decreasing our footprint
  2. Increasing our handprint
  3. Caring for our people
  4. 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.[5]

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.[6]

References
  1. "CAV1V, Caverion Oyj, (FI4000062781) - Nasdaq". www.nasdaqomxnordic.com. Retrieved 2020-02-19.
  2. "Jacob Götzsche appointed President and CEO of Caverion".
  3. "Major shareholders".
  4. "Sustainability and Caverion".
  5. Suomalaisomisteisen yrityksen maksamat palkat ihmetyttävät Norjassa – Selvitys: Työntekijälle maksettiin puolet norjalaisen tuntipalkasta. Caverion-yhtiön mukaan epäily palkkojen polkemisesta on väärä ja liettualaisille on maksettu minimipalkkaa vastaavasti YLE 12.11.2019
  6. Byggeindustrien (2019-12-05). "Statsbygg-granskning av byggeplassen til nytt nasjonalmuseum: - Ikke sosial dumping". Bygg.no - Byggeindustrien (in Norwegian Bokmål). Retrieved 2020-02-19.
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