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Ramirent Oyj Announces Joint Venture with Cramo Oyj in Russian and Ukrainian Markets


Wednesday, 31 Oct 2012 03:00am EDT 

Ramirent Oyj announced that the Company together with Cramo Oyj have formed a joint venture for the Companies' Russian and Ukrainian businesses. The joint venture will be a service company specialising in equipment rental services, as well as rental of modular space. The combined operations will comprise Cramo Oyj's Russian operations (excluding Kaliningrad) and the Company's Russian and Ukrainian operations. The Company will own 50% and Cramo Oyj 50% of the joint venture. The joint venture will operate under its own brand on a fully stand-alone basis. The closing of the transaction is subject to approval of competition authorities, which are expected in January 2013. It is estimated that in 2012 the consolidated combined net sales of the joint venture amounts to approximately EUR 52 million and an EBITDA margin of approximately 35%. The combined entity has approximately 400 employees and 22 own rental depots. 

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