Baltiysky Zavod – Sudostroyeniye LLC is merging into Baltiysky Zavod JSC
The merger of Baltiysky Zavod – Sudostroyeniye LLC into Baltiysky Zavod JSC is nearing completion. Baltiysky Zavod – Sudostroyeniye says the general meetings held by the shipyards on 14 September 2017 made the decision on reorganization of the two shipbuilding companies.
According to the statement, the reorganization will result in creation of a single shipbuilding center Baltiysky Zavod for construction of nuclear-powered civil vessels and warships, production of machinery for surface ships and submarines under state defense order.
That will let enhance the efficiency of the reorganized company as a single industrial asset complex, ensure conditions for its development including the programme on modernization of its facilities and management structure, raise the market value of the consolidated company and reduce the risk of non-production losses.
Completion of the reorganization process is the final phase of the bailout approved by RF President Vladimir Putin in 2013 at the meeting on the development of civil shipbuilding. The turnaround programme was developed by the management of United Shipbuilding Corporation.
“The merger of Baltiysky Zavod – Sudostroyeniye LLC into Baltiysky Zavod JSC guarantees implementation of the state defence orders including participation of the shipyard in the Arctic Programme. The merger will guarantee out-of-court satisfaction of allthe creditor's claims, retain the state control of Baltiysky Zavod activities through United Shipbuilding Corporation and draw a line under a long and hard recovery of shipbuilding in Saint-Petersburg,” emphasized the statement.