(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">
Cramo Plc Stock Exchange Release 20 December 2018 at 9.00 EET
Cramo and Ramirent continue their joint venture Fortrent in Russia
Cramo and Ramirent announced in December 2017 that strategic options for their equally-held Russia and Ukraine-based joint venture company Fortrent would be explored.
The review has now been completed and as an outcome of the analysis, Fortrent's strategic focus in the future will be in the Russian operations, optimising cash flow generation and debt repayment to its owners. Consequently, Fortrent's Ukrainian operations will be closed during 2019. The restructuring costs are approximately EUR 0.5 million. In 2017, Fortrent's total sales amounted to EUR 31.8 million, whereof the share of Ukrainian business was EUR 2.1 million.
The ownership of Fortrent will remain unchanged.
Further information has been disclosed in a stock exchange release published on 1 December 2017.
President and CEO
Mr Aku Rumpunen, CFO, Cramo Plc, tel: +358 40 556 3546, email:
Nasdaq Helsinki Ltd.
Cramo is Europe's second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in fourteen countries. With a group staff around 2,500, Cramo's consolidated sales in 2017 was EUR 729.5 million. Cramo shares are listed on Nasdaq Helsinki Ltd.
Read more: www.cramogroup.com , www.twitter.com/cramogroup