(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.
CRAMO PLC
Leif Gustafsson
President and CEO
Further information:
Mr Aku Rumpunen, CFO, Cramo Plc, tel: +358 40 556 3546, email:
Distribution:
Nasdaq Helsinki Ltd.
Main media
www.cramogroup.com
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
MENAFN2012201800703653ID1097858965
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.