[280912.EN.SEA] NYK Buys Control of Russia's ROLF Group's Logistics Unit In Joint Venture

JAPAN's Nippon Yusen Kabushiki Kaisha (NYK) and the ROLF Group, a leading logistics operator based in Russia, have agreed to launch a joint venture that will result in NYK owning 51 per cent of its partner's logistics business, ROLF SCS, with ROLF maintaining ownership of 49 per cent of the shares.

The joint venture will embrace all parts of ROLF's logistics business including ROLF SCS terminal in Lobnya; customs terminal and technical service centre, Elite-Trans; CBU operation in the port of Zarubino and the insurance agent ROLF Insurance.

The JV will also use for its operations the rented terminal in Naberezhnye Chelny and the rented terminal Petrolesport, which has become a very important asset for CBU services, said the NYK release.

ROLF SCS' current managers will lead the new joint venture divisions and work in cooperation with NYK representatives. Alexander Larin, who is now CEO of ROLF's logistics business, will be CEO of the new joint company.

"Both partners also agreed to maintain the ROLF SCS brand because it has a strong, positive image, representing ROLF as a reliable partner and market expert," it said.

The launch of the joint venture aims for the ROLF Group to provide its existing customers and new clients with a wider variety of services and also implement NYK's best practices into its business processes. NYK also has at its disposal a sizeable network of assets that allows it to maintain logistics operations throughout Europe and around the world.

NYK said it found "ROLF to be an excellent partner with impressive assets and a unique experience in the Russian logistics market, a global thinker accustomed to meeting the needs of its customers through a wide range of services."

According to NYK managing corporate officer Shunichi Kusunose, "The key priority of the JV will be maintaining the high level of performance and customer service offered by the ROLF SCS team and developing all the existing directions of the business according to Russian market specifics and best global practices."

Source : HKSG.