Japan’s Nishio Rent All buying Singapore United Power & Resources
SINGAPORE, NNA – Japanese construction equipment rental firm Nishio Rent All Co. is buying a Singapore rival in a move overseas meant to hedge against a potential slowdown in Japan after the 2020 Tokyo Summer Olympics.
Nishio said Friday it would pay 56 million Singapore dollars ($41 million) to buy United Power & Resources Pte. Ltd. from Greatearth Pte. Ltd., a local contractor. The transaction is scheduled to complete on May 7.
Nishio said United Power & Resources leases construction machinery and large power generation equipment for outdoor events, with subsidiaries in China, Indonesia and the Philippines.
Nishio has local units in Australia, Indonesia, Malaysia, Singapore, Thailand and Vietnam as well as China and Hong Kong, according to its website.
Nishio said it sees more opportunities in leasing construction equipment in China.
United Power posted a S$352,000 group net loss in 2018 on sales of S$24.5 million, according to Nishio.