Vantaa, Finland, 2011-06-23 09:40 CEST (GLOBE NEWSWIRE) -- Cramo Plc Investor News, 23 June 2011, at 10.40 am Finnish time (GMT+2)
Cramo acquires Stavdal Utleiesenter AS in Norway
Cramo has signed an agreement to acquire 100 per cent of the shares in Norwegian company Stavdal Utleiesenter AS. The company has headquarters in Oslo with a total of 25 employees. In 2010, the company’s sales was about EUR 7.3 million (about NOK 57 million) with expected growth in 2011. The acquisition of Stavdal Utleiesenter is in line with Cramo’s ambitions for increased activity and enhanced market share in Norway.
Stavdal Utleiesenter is a company specialised in equipment and construction machinery rental services. Stavdal’s concept fits well into Cramo’s existing business and depot network in Norway.
“Stavdal Utleiesenter is an interesting opportunity to us for several reasons. The company has a solid portfolio of small and medium-sized customers. Moreover, the company is well established in the Oslo region which is highly important to us. Stavdal also has complementing expertise and capabilities related to our business”, says SVP of Cramo Norway, Mr Finn Løkken.
Stavdal Utleiesenter will continue as a separate company with Mr Knut Onstad acting as the General Manager in the company's four offices in Oslo, Rygge, Lillestrøm and Jessheim. Current chairman, Mr Leif Stavdal, will continue as a consultant at Cramo in order to bring his experience and knowledge to the company. The acquisition will not only give Cramo a better foothold in new customer groups, but also provides Stavdal’s existing customers with a larger portfolio of rental equipment.
CRAMO PLC
Vesa Koivula
President and CEO
Further information:
Mr Finn Løkken, Managing Director of Cramo AS, Norway, tel: +47 2337 5560/ +47 907 72 088, www.cramo.no
Mr Vesa Koivula, President and CEO, Cramo Plc, tel. +358 40 510 5710
Mr Martti Ala-Härkönen, CFO, Cramo Plc, tel. +358 40 737 6633
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 and sale of modular space. Cramo operates in fifteen countries with approximately 400 depots. With a group staff close to 2.400, Cramo's consolidated sales in 2010 was EUR 500 million. Cramo shares are listed on the NASDAQ OMX Helsinki Ltd. Further information: www.cramo.com.