In order to strengthen our presence in Northern Europe and expand our position in this focus market, we officially sealed our partnership with the Swedish construction company Otto Magnusson in the fourth quarter of 2023.
Otto Magnusson is the oldest construction company in Sweden and is now run by the third generation. The family business with around 500 employees builds and renovates buildings for schools and the residential sector, among others, and places great emphasis on quality and sustainability. Our business relationship includes the production and modification of containers as well as transportation to Sweden and Denmark.
We have already set up a container facility at the Otto Magnusson site in Malmö to centralize our local sales activities. This comprises three modules, which are furnished as offices and meeting rooms and also serve as a showroom for interested parties. In addition, the construction of a production hall is planned on site, in which our containers can be converted according to customer requirements.
We are delighted about this important step in our expansion strategy and look forward to working with our partner Otto Magnusson.