SRV GROUP PLC STOCK EXCHANGE RELEASE 19 DECEMBER 2018 10.20 EET
SRV to sell SRV Kalusto Oy to Ramirent
SRV Group Plc and Ramirent Finland Ltd. have today signed a business purchase agreement for SRV Kalusto Oy’s entire share capital. With the acquisition, SRV is better equipped to develop the equipment rental and construction processes on its construction sites.
The company's debt free purchase price is EUR 21 million. The price is paid in cash. SRV records capital gain of approximately EUR 14 million in the last quarter of the year. In 2017, the net sales of SRV Kalusto Oy amounted to approximately EUR 8 million and the operating profit was EUR 2.5 million. SRV Kalusto currently employs 33 people who will continue to work in the company without changes in their contracts. In connection with the agreement, SRV Kalusto Oy will change its name to Rami Kalusto Oy.
SRV Kalusto Oy has acted as an internal equipment rental company in the SRV group, covering about 25% of SRV’s equipment leasing and rental services on the sites. As part of the arrangement, SRV signed a long-term contract with Ramirent to cover a significant portion of SRV's annual equipment rental.
The transaction does not change SRV's previous guidance of its operative operating profit for 2018, which is estimated to be in the red.
For further information, please contact:
Ilkka Pitkänen, CFO, tel. +358 40 667 09 06, ilkka.pitkanen@srv.fi
Maija Karhusaari, SVP, Communications and Marketing, tel. +358 45 218 3772, maija.karhusaari@srv.fi
You can also find us on the social media:
Facebook LinkedIn Twitter Instagram
SRV - Building for life