30.08.2007

Cramo and Rentakran form joint venture

Cramo of Finland, one of Europe’s largest rental companies has established a new joint venture in Russia with Moscow based crane and access rental company Rentakran. Cramo will own 75 percent of the new business while Rentakran will hold 25 percent. Cramo has the right to purchase Rentakran’s minority shareholding in 2011.

Rentakran was founded in 1996 and runs a fleet of cranes and lifting equipment, including Liebherr mobiles, Liebherr and Potain tower cranes, Manitou and Cat telehandlers, a range of scissor and boom lifts and Alimak Hek hoists and mast climbers.

The new company will start operations immediately and will rent a full range of construction machinery from Rentakran's existing depots in Moscow, Yekaterinburg and Krasnodar.

The plan is to expand rapidly to other large Russian cities. Cramo and Rentakran believe that Russia’s current rapid pace of construction growth will continue at least until 2014, when the Winter Olympics come to 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", said 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.”

Juhani Järvilehto of Rentakran said “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".