Ramirent Plc Stock Exchange Release 20 December 2018 at 9:00 EET
Ramirent and Cramo announced in December 2017 that strategic options for their equally-held Russia and Ukraine-based joint venture company Fortrent would be explored.
The review has now been completed and as an outcome of the analysis, Fortrent’s strategic focus in the future will be in the Russian operations, optimising cash flow generation and debt repayment to its owners. Consequently, Fortrent’s Ukrainian operations will be closed during 2019. The restructuring costs are approximately EUR 0.5 million. In 2017, Fortrent’s total sales amounted to EUR 31.8 million, whereof the share of Ukrainian business was EUR 2.1 million.
The ownership of Fortrent will remain unchanged. Further information has been disclosed in a stock exchange release published on 1 December 2017.
Further information:
Jonas Söderkvist, interim CFO and EVP, Group Business Development, Ramirent Plc,
tel: +46 8 624 9502, jonas.soderkvist@ramirent.com
RAMIRENT is a leading service company offering equipment rental for construction and other industries. Our mission is to help our customers gear up on safety and efficiency by delivering great equipment and smooth service with a smile. We have 2,900 co-workers at 300 customer centers in northern and eastern Europe. In 2017, Ramirent Group sales reached a total of EUR 724 million. Ramirent is listed on NASDAQ Helsinki. Ramirent – Gear Up. Equipment rental at your service
Distribution: Nasdaq Helsinki Ltd, main media, www.ramirent.com