Ramirent and Cramo have announced that they will retain ownership of Fortrent, their Russian joint venture. They also said that Fortrent will close its Ukraine operations.
The two companies had said in December 2017 that they would undertake a strategic review of the business, which is 50/50 owned.
The review has concluded that the business should focus on Russia, and close its activities in Ukraine. Fortrent’s total sales amounted to EUR 31.8 million, with the Ukraine contributing €2.1 million in revenues.
Cramo and Ramirent added that Fortrent’s focus would also be on optimising cash flow generation and debt repayment to its owners.