Shareholders of JSC Ust-Luga Company decided to streamline its business spinning off Transport & Logistics Complex (JSC TLC), the company said Friday.
The new separate company will be comprised of JSC Ust-Luga Commercial Sea Port, JSC Ust-Luga Warehouse Logistics Center and JSC Port of Ust-Luga Transport Company - subsidiaries of the transport and logistics division of JSC Ust-Luga.
TLC will be in charge of the facilities of Multipurpose Handling Complex «Yug-2. In addition, the new company is tasked to manage the construction and development of warehousing logistics center (WLC) based at the port of Ust-Luga.
The reorganization will change neither the stockholders composition nor the number of shares of JSC Transport & Logistics Center and Ust-Luga Company.
Maxim Shirokov, General Director of JSC Ust-Luga says: "At one time the company was tasked to build on the Baltic a Russian deep-water port. And we have coped with it. Today there are seven terminals, soon there will nine more. By 2018, the total number of handling facilities in the port of Ust-Luga will be increased to nineteen. While implementing this project, the company’s management, guided by worldwide experience, decided to continue development activities within the integrated development of adjacent to the port area, including the establishment of the Port Industrial Zone. In fact, we are facing a new challenging task, which will likely require greater efforts. In this regard, it would be reasonable to spin off the transport and logistics business of JSC Ust-Luga Company establishing a new company. This approach will ensure effective management of different businesses and will contribute to their further sustainable development.”
