Cramo Plc Company announcement 19 March 2008, at 5.50 pm Finnish time (GMT+2) CRAMO ACQUIRES THE EQUIPMENT RENTAL OPERATION FROM THE TAPEKS GROUP AND AGREES ON COOPERATION IN LATVIA Cramo has signed an agreement to acquire 100% of the shares of SIA Tapeks Noma in Latvia. The completion of the transaction is subject to certain conditions and expected by the end of April 2008. The Tapeks Group is Latvia's leading wholesale supplier of general construction equipment and building machinery, and the Group has so far also operated in equipment rental services through Tapeks Noma. Related to the acquisition, a co-operation agreement will be signed between Cramo and the Tapeks Group, which includes operational and marketing cooperation. The sellers in the transaction are the Tapeks Group and six private persons. Established in 2003, Tapeks Noma today provides customers with a wide range of equipment rental services through its 16 depots covering the whole Latvia. The sales of Tapeks Noma in 2007 were EUR 4 million. The company employs 70 people who will after the acquisition continue to work in the company, including its key management. During 2008 Tapeks Noma's depots will be integrated with Cramo's existing network and rebranded into Cramo, along with the implementation of Cramo's advanced rental concepts in the whole organization. "We are glad to welcome Tapeks Noma into the Cramo Group. Even though we see some slowdown in the residential construction sector in Latvia, the equipment rental sector is still growing rapidly due to the fairly low rental penetration. Through the acquisition Cramo will become the second largest rental services provider in the Latvian market. Thereafter, with a total of some 54 depots in the Baltic countries, Cramo has a very strong market coverage in the Baltic region," says Jarmo Laasanen, Senior Vice President of Cramo Other Europe. CRAMO PLC Vesa Koivula President and CEO Further information Jarmo Laasanen, Senior Vice President, Cramo Plc, +358 505 000 541 Ricards Batarags, Managing Director of SIA Tapeks Noma, +371 29 230 270 Distribution OMX Nordic Exchange Helsinki Major media www.cramo.com Cramo is a rental services company specialising in equipment rental and rental-related services, as well as rental and sale of modular space. As one of the industry's leading service providers in the Nordic countries and Central and Eastern Europe, Cramo operates in ten countries with 268 depots. With a group staff of 2,270, Cramo's consolidated sales for 2007 totalled EUR 496 million and its shares are listed on the OMX Nordic Exchange, Helsinki. For further information, see www.cramo.com.
CRAMO ACQUIRES THE EQUIPMENT RENTAL OPERATION FROM THE TAPEKS GROUP AND AGREES ON COOPERATION IN LATVIA
| Source: Cramo Oyj