Nurminen Logistics has the entire share capital of its Russian subsidiary OOO Nurminen Logistics to TransLes LLC, part of RTK Group, a major rolling stock operators in the Russian forest industry.
According to Nurminen Logistics, the transaction has a 7 mn euro positive impact on the cash-flow and will not have a significant impact on the 2018 EBIT.
TransLes will operate the rolling stock of OOO Nurminen Logistics, which comprises over 350 railcars, most of them specialized railcars for timber and logs.
Alexey Barbariush, CEO of TransLes, said this is the first M&A deal outside the CIS for the company.
“The Company is not withdrawing from Russian market. Company will continue operating rolling stock inside in Russian and provide services for import and export businesses. According to the new strategy, service concept is based on leased rolling stock, enabling light asset and organizational structure. Company will operate rolling stock for forest and chemical industries as well as project businesses,” Marko Tuunainen, CEO of Nurminen Logistics Plc, said.