Riwal ups fleet investment by 30% in 2013
By Murray Pollok27 June 2013
Riwal will increase its fleet investment this year by around 30% to around €40 million as it continues its program of fleet replacement and expansion.
Norty Turner, the company’s CEO, told IRN that the new fleet will help the company grow its business both in Europe and internationally.
“We’re expecting to see group growth in 2013 versus 2012”, he said, “and certain markets in Europe will also see growth…Year-on-year we’re in a good position. It was a challenging Q1, but now in Q2 we are in a good position and we’re feeling really good about the pipeline we’re seeing in the rest of the year.”
As well as its international growth, the company is benefitting from a diversification of its customer base, particularly into industrial segments; “We’re reaping the benefits of this…There are so many opportunities for access as you diversify and educate the marketplace.
“We feel there has been a lot of delayed maintenance work in various industrial areas, and a lot of maintenance work is coming to the forefront now. They have to do that maintenance or they have a bigger problem longer term.”
The company continues to look for growth opportunities in Europe in the “white spaces” where it is not currently operating; “we will continue to look at what makes sense in these white spaces.”
He said Riwal remained committed to the Spanish market, where it has recently acquired full ownership of its subsidiary; “We’re going to be in Spain, and will continue to improve our operations there. In terms of where we’re going, where we will be in five or 10 years, we don’t share that, but right now we’re committed to Spain.”
For potential new markets the company uses a 'market attractiveness tool' to determine the best prospects; “It helps guide out thoughts about where we need to do more in-depth research…if you look at the top 20 markets, they are not all in one continent. It’s a mix among all continents.”
Read the full interview with Norty Turner in the July-August issue of IRN.