Aver Asia is Fully Acquired by Sumitomo Corporation
Aver Asia is newly added into Sumitomo Corporation’s line of construction equipment distributors and rental companies around the world. The acquisition of Aver Asia will further allow Sumitomo Corporation to expand its business in Southeast Asia which expects a construction equipment boom after the Covid-19 pandemic.
ASEAN countries are high-growth markets with building of technology hubs, new cities and major infrastructure projects. In the last 2 decades, the construction industry has continued to be mechanized and receptive for safety and productivity which propelled the growth of construction equipment rental market. Aver Asia was listed during such times and earned its reputation to provide highly reliable construction equipment.
Aver Asia originated as a Singaporean company in a container office (at Benoi Place) with 3 employees. Today, the wholly owned subsidiary of Sumitomo has nearly 500 employees and a 7,500 rental fleet, out of which over 4,000 MEWP units. Aver Asia has unwavering values that are locally rooted hence its business model is highly adaptive to every Asian market.
With a presence across 7 countries within Southeast Asia, the respectable equipment company owned its success by giving their customers a peace of mind whether rent or sale of ariel platforms, compressors and generators; and making them more widely available. Aside from the main products, Aver Asia offers a wide-range of 40-over industrial equipment.
With the acquisition exercise completed, Sumitomo has plans to grow Aver Asia and broaden the product offerings, both horizontally and geographically. In the new decade, Aver Asia plans to open more overseas offices and expand the rental and equipment distribution businesses.