Caverion

Caverion is a Finnish company. Its purpose is to enable performance and people's well-being in smart and sustainable built environments. Caverion's offering covers the entire life cycle of buildings, infrastructure or industrial sites and processes: from design & build to projects, technical and industrial maintenance, facility management and advisory services.

Caverion Oyj
TypeJulkinen osakeyhtiö
Founded2013 (2013)
Headquarters
Vantaa
,
Finland
Key people
Jacob Götzsche (President & CEO at Caverion), Mats Paulsson (Chairman)
Revenue€2,154.9 million (2020)
Number of employees
15,773 (2020)
Websitewww.caverion.com
Caverion's head office in Vantaa Vapaala.

Caverion has two business units: Services and Projects. The company has about 15,000 employees in 11 countries. Shares are listed on Nasdaq Helsinki.[1]

History
Caverion van

Caverion was established through the demerger of Building Services and Industrial Services businesses from YIT Group in June 2013. Caverion has a long heritage with roots in many different countries. As part of YIT, the companies 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 through the partial demerger of YIT Corporation on June 30, 2013 when YIT's Building Services and Industrial Services operations were transferred to an independent company. Trading in Caverion Corporation's shares at Helsinki Stock Exchange (NASDAQ OMX Helsinki Ltd) began 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 RPH Linc AB in Sweden

Corporate governance

Caverion announced 19 May 2021 that the Board of Directors had appointed Jacob Götzsche as the President and CEO of Caverion Corporation.

Jacob Götzsche started in this position on 9 August 2021.[2]

Ownership

Biggest shareholders at the end of December 2020:[3]

  1. Herlin Antti
  2. Fennogens Investments
  3. Varma Mutual Pension Insurance Company
  4. Mandatum companies
  5. Ilmarinen Mutual Pension Insurance Company
  6. Säästöpankki funds
  7. Elo Mutual Pension Insurance Company
  8. Caverion Oyj
  9. The State Pension Fund
  10. Nordea funds

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. Our business makes sustainable impact
  2. We care for our employees and enable their continuous success
  3. We ensure efficient and high-quality implementation of sustainability

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. https://www.caverion.com/newsroom/releases/2021/jacob-gotzsche-appointed-president-and-ceo-of-caverion/
  3. https://www.caverion.com/investors/shareholders/major-shareholders/
  4. https://www.caverion.com/newsroom/releases/2020/caverion-launches-its-sustainability-targets-and-actions/
  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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