Transless, one of the largest rolling stock operators in Russian forest industry, has purchased the entire share capital of Nurminen Logistics, the Russian subsidiary of Nurminen Logistics Plc.
Under the EUR 7 million transaction, Nurminen Logistics will continue operating the rolling stock inside in Russian and provide services for import and export businesses
The transaction will not have significant impact on 2018 EBIT. Logistics Group will recognize EUR 7.6 million loss arising of translation differences into EBT. Loss from translation difference does not have any cash flow nor impact on Group equity.
“The deal gives us an excellent opportunity to further grow and develop our business in Finland and in the Baltic region”, Olli Pohjanvirta, Chairman of the board, said.
On 2 October, Nurminen Logistics Plc announced its plans to sell its Russian rolling stock, and on 30 October, the company entered selling process with Transless.
“As stated in our stock release on the 2nd of October, the company is not withdrawing from Russian market. According to the new strategy, service concept is based on leased rolling stock, enabling light asset and organizational structure. The company will operate rolling stock for forest and chemical industries as well as project businesses,” Marko Tuunainen, CEO of Nurminen Logistics Plc said.
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