CRAMO AND RENTAKRAN ESTABLISH JOINT RENTAL OPERATION IN RUSSIA
Cramo Plc, one of Europe's leading rental companies, and ZAO Rentakran, the
leading heavy lifting rental service company in Russia, establish a joint
rental
operation in Russia. Cramo Plc owns 75% and ZAO Rentakran 25% of the
new
company. Cramo has an option to buy the 25% minority share from
the other
shareholder in spring 2011.
The new company will rent high quality construction
machinery and deliver
related services to its construction and industry
customers. The company will
start its operations immediately in Rentakran's
depots in Moscow, Yekaterinburg
and Krasnodar. It will expand rapidly to
other large Russian cities along with
its customers. Cramo and Rentakran
believe that the fast construction growth
will continue long time in the
Russian market which is boosted by stable
economic development, new
industrial initiatives as well as the 2014 Winter
Olympics in Sochi.
"Cramo has strong
experience from Russia where it has been doing rental business
successfully
for a long time in Saint Petersburg. Now we are taking a big step
forward in
expanding to new markets in Moscow and other major construction
markets
in Russia", comments Jarmo Laasanen of Cramo. "Our strategic cooperation
with
Rentakran brings us new customers and already working relationships with
the authorities of the new territories. This arrangement also implements
Cramo's
earlier stated strategy to expand its business in Eastern Europe".
"Through the new joint venture company we can offer Rentakran's
customers the
possibility to rent all types of construction equipment, like
site huts,
generators, hoists, working platforms and aerials from one
source. Our customers
will benefit from Rentakran's high quality service being
added to a wider
product portfolio. Cramo's resources and general
rental experience will ensure
an increased supply of high quality equipment
to the market", says Juhani
Järvilehto of Rentakran.
The strategic cooperation through the
new company will satisfy the growing need
for new technology, professional
construction equipment and related services.
The new company will invest in
new equipment and it is expected to quickly
achieve a strong position in
the Russian equipment rental market.
CRAMO PLC
Vesa Koivula
President and CEO
Further
information
Vesa
Koivula, President and CEO, Cramo Plc, +358 40 510 5710
Jarmo Laasanen, Senior Vice President, Cramo Plc, +358 50 500 0541
Juhani Järvilehto, ZAO Rentakran, +7 095 103 0640
Distribution
OMX Nordic Exchange Helsinki Oy
Major media
www.cramo.com
Cramo Plc is a service company specialising in construction
machinery and
equipment rental and rental-related services, as well as
rental and sale of
modular space. As one of the industry's leading
service providers in the Nordic
countries and Central and Eastern Europe,
Cramo operates in ten countries with
250 outlets. With a group staff of
approximately 2,000, Cramo's consolidated
sales for 2006 totalled EUR 402
million. Cramo is listed on the OMX Nordic
Exchange Helsinki Oy. For
further information, please visit www.cramo.com.
Rentakran is the
leading crane rental company in Russia with a fleet about 300
western tower
and truck cranes including brands such as Liebherr, Potain and
Alimak. Its
customers include big international and Russian construction
companies
as well as industry and energy organizations. Rentakran employs some
400
people and has its operations now in Moscow, Yekaterinburg and Krasnodar.
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