Algeco Scotsman has entered into a joint venture with
Beijing Chengdong International Modular Housing Company (Chengdong) to
manufacture, rent and sell modular space in
name.
Under the deal, which still has to pass Chinese regulatory
approvals, Algeco Scotsman will hold a majority shareholding in the joint
venture.
Algeco said in a statement that
market in the world and had significant growing needs for temporary
accommodation in the energy, natural resource, industrial, commercial and major
event sectors.
Chengdong, founded in 1998, is the second largest Chinese
modular space company and has a leading position in the
design and engineering capabilities and its relationships with large Chinese
engineering and construction firms were important elements to the partnership.
Jean-Marc Germain, president and chief executive officer for
Algeco Scotsman, said the company was excited about the partnership; “We expect
the use of both temporary and permanent modular solutions in this region to
grow significantly over the coming years and we believe this joint venture will
be able to meet these market demands by leveraging the respective strengths of
Algeco Scotsman and Chengdong.”
Zhao JunYong, chairman of Chengdong, said; “Our joint
venture with Algeco Scotsman is a strategic fit for Chengdong as we continue to
meet the rapidly expanding modular building needs in
