BALTIMORE, MD -- (Marketwired) -- 04/11/13 -- Algeco Scotsman, a global leader of modular space, secure portable storage solutions and remote workforce accommodations, announced today that it has signed a joint venture agreement with Beijing Chengdong International Modular Housing Company, Ltd. ("Chengdong"). Subject to Chinese regulatory approvals, the joint venture will produce, lease and sell modular space solutions under the brand name Algeco Chengdong. Algeco Scotsman will hold a majority equity interest in the joint venture. China has the largest construction market in the world as well as significant growing needs for flexible, onsite, temporary space in the energy, natural resource, industrial, commercial, and major event sectors.
Founded in 1998, Chengdong is the second largest Chinese modular space provider and maintains a leading position in the Beijing metropolitan market. Chengdong's product design and engineering capabilities and its strong relationships with large Chinese engineering and construction firms are important elements to the partnership with Algeco Scotsman.
"We are excited to partner with a Chinese market leader that shares our vision of high quality modular space products and services," said Jean-Marc Germain, president and chief executive officer for Algeco Scotsman. "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."
"Our joint venture with Algeco Scotsman is a strategic fit for Chengdong as we continue to meet the rapidly expanding modular building needs in China," said Zhao JunYong, Chairman of Chengdong.
Cautionary Notice Regarding Forward Looking Statements
This press release contains forward-looking statements, which reflect Algeco Scotsman's expectations regarding its future operational and financial performance. Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Except as required by law, Algeco Scotsman undertakes no obligation, and specifically declines any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Algeco Scotsman
Algeco Scotsman is a leading global business services provider focused on modular space, secure portable storage solutions and remote workforce accommodations. Operating as Williams Scotsman and Target Logistics in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Eurobras in Brazil, Ausco in Australia, and Portacom in New Zealand, the company manages a fleet of more than 310,000 units, with operations in 37 countries including Australia, Austria, Belgium, Brazil, Canada, China, Czech Republic, Finland, France, Germany, Hungary, Italy, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Arab Emirates, United Kingdom, and United States.