Vantaa, Finland, 2017-12-22 11:00 CET (GLOBE NEWSWIRE) -- Cramo Plc Stock Exchange Release 22 December 2017 at 12.00 noon (EET)
Cramo’s innovative business model and responsible sharing of resources is supported by the European Investment Bank
Cramo and the European Investment Bank (EIB) have signed a EUR 50 million long-term loan agreement to back Cramo’s European growth strategy and commitment to circular economy. The agreement was made possible by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, which was launched by the EIB Group and the European Commission to boost the competitiveness of the European economy.
Cramo strives to drive the sharing economy in rental industry. Our business model is based on responsible sharing - creating possibilities for safe, innovative and resource-efficient solutions. Cramo has taken an active role as a shaper, not just shaping its own operations but the whole rental industry. We create added value to all our stakeholders and the society by simplifying the responsible sharing of our rental solutions. We offer solutions with pioneering environmental and safety features that meet today’s demands for energy efficiency, which help our customers to achieve their sustainability targets.
”We are pleased with the financial support from EIB as it gives Cramo Group increased possibilities to strengthen our growth strategy and our ambition to be a shaper of the rental industry. With a strong innovation and performance culture and with sustainable solutions we seek to capture the potential in the market and develop solutions that meets the changing needs of our customers,” says Leif Gustafsson, President and CEO of Cramo Group.
Vice-President Alexander Stubb, responsible for EIB operations in Northern European countries, said: “The development of a more circular economy in the EU will help to reduce our dependency on imported raw materials. It has enormous potential for creating a sustainable and competitive advantage for Europe. That’s why I’m glad that the EU Bank supports business models such as Cramo’s, which lead the way to a greener economy.”
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The €50 million loan, made possible by the European Fund for Strategic Investments (EFSI), to modernise and expand Cramo’s fleet of construction machinery is a good example of the Investment Plan for Europe financing growth of European SMEs. I encourage other growth-seeking companies with sustainable and circular business models to follow the precedent and seek EFSI –financing for their expansion."
President and CEO
Mr Aku Rumpunen, CFO, tel: +358 10 661 10, +358 40 556 3546
Mr Mattias Rådström, SVP, Communication, Marketing and Investor Relations, tel: +46 70 868 7045
Nasdaq Helsinki Ltd.
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in fourteen countries. With a group staff around 2,600, Cramo's consolidated sales in 2016 was EUR 712 million. Cramo shares are listed on Nasdaq Helsinki Ltd.