Helsinki, Finland-based Cramo has bought out minority shareholder Rentakran after establishing a joint venture — Cramo Rentakran — in Moscow in August. Cramo established a 75/25 percent joint venture with ZAO Rentakran earlier this year, but have agreed to terminate the shareholders’ agreement.
Cramo announced last week it will use its call option to redeem the 25 percent minority share from Rentakran, and will eliminate Rentakran from the company name. The two companies have agreed to new forms of cooperation.
Currently Cramo operates in Russia with seven branches in Moscow, St. Petersburg and Yekaterinburg.
Cramo has about 300 branches in 11 countries in the Nordic countries, Central and Eastern Europe.
