Cramo Plc, one of Europe’s biggest rental companies, has established a joint venture rental operation with ZAO Rentakran, a major Russian heavy lifting rental service company. Cramo Plc owns 75 percent and ZAO Rentakran 25 percent of the new company, and Cramo has the option to buy the 25 percent minority share from ZAO in the spring of 2011.
The company will start operations immediately in Rentakran’s existing branches in Moscow, Yekaterinburg and Krasnodar, and will soon expand to other large Russian cities. Officials of both companies expect a long period of growth in the Russian market, with a lot of construction, new industrial initiatives and the 2014 Winter Olympics in Sochi.
“Cramo has strong experience in Russia where it has been doing rental business for a long time in St. Petersburg,” said Cramo’s Jarmo Laasanen. “Now we are taking a big step forward in expanding to new markets in Moscow and other major construction markets. Our strategic cooperation with Rentakran brings us new customers and already working relationships with the authorities of the new territories.”
“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,” said Rentakran’s Juhani Jarvilehto.
Cramo, based in Helsinki, Finland, has more than 250 branches in 10 countries.