21.02.2011

Cramo to raise €100 million

Cramo is preparing to raise up to €100 million in a new rights issue to fund further expansion and to strengthen its balance sheet..

The board of directors will put the proposal to issue 12 million new shares to the company’s Annual General Meeting on 24th March.

The proposed rights offering is already fully underwritten by certain Cramo shareholders and underwriting commitments from Pohjola Bank and Handelsbanken Capital Markets.

Cramo chief executive Vesa Koivula said: “Cramo has recently entered new geographic markets by acquiring the Theisen Group, thus expanding Cramo’s business to Germany, Austria, Switzerland and Hungary. Through this and the outsourcing deals completed in 2010 we have taken major steps to execute our strategy for 2010-2013. The planned rights offering provides Cramo a solid base for its further growth initiatives.”