Reorganization of Baltiysky Zavod shipyard is completed
Reorganization of Baltiysky Zavod has been completed. Baltiysky Zavod – Sudostroyeniye LLC has merged into Baltiysky Zavod JSC having completed the creation of a single property and production complex, says United Shipbuilding Corporation (USC).
According to USC, the key result of the reorganization will be the creation of a single shipbuilding center Baltiysky Zavod focused on construction of vessels with nuclear power unit, manufacturing of engineering products for surface ships and submarines under the state defense order.
The statement says this will let increase the efficiency of the shipyard, create conditions for its development including the programme on modernization of its production facilities and management structure, raise its market value and mitigate risks of nonmanufacturing losses.
“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.
Baltiysky Zavod – Sudostroyeniye LLC is merging into Baltiysky Zavod JSC >>>>