Cramo signs agreement with Nordic Crane Group
10 August 2010
Cramo's Norwegian business has signed a five year cooperation agreement with Nordic Crane Group AS (NCG). NCG is one of the largest crane rental companies in Scandinavia, with 300 cranes and 30 depots in Norway and Sweden.
As part of the deal, Cramo is acquiring Hego Maskinutleie AS, a small Bergen-based rental company owned by Nordic Crane Bergen.
Cramo said the deal, which covers the whole Nordic region, will generate revenues of approximately NKr 100 million (€12.7 million).
Mr Finn Løkken, managing director of Cramo AS, Norway, said; "Nordic Crane Group is one of the leading mobile crane suppliers in Scandinavia, and this new cooperation agreement will offer our customers an even better service and product range in the Nordic region.
"Bergen is also an important investment area for us. Acquiring Hego Maskinutleie AS strengthens our presence in and around Bergen area."
NCG was established in 2008 with the merger of Kynningsrud Kran and Stangeland Kran. The company employs over 400 people and had revenues of NKr 700 million (€88.5 million) in 2009.
Mr Løkken said NCG's strength in the industrial sector was one of the most important benefits of the deal; "The company has long experience and high competence based on a large number of projects and customers in this segment, both in Norway and Sweden. The agreement will thus widen Cramo's customer portfolio and competence and make us an even more valued business partner."
NCG's chief executive officer, Trond Helge Skretting, said the group had great expectations for the agreement; "With their customer portfolio and distribution network, Cramo will offer Nordic Crane Group AS an opportunity to increase our expansion in the Nordic region."