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M&A: Pella buys Germany's oldest shipyard Sietas near Hamburg

Pella Shipyard has acquired Sietas, the oldest shipyard in Germany, as stated by the press service of Hamburg Marketing GmbH.

Shipyard Sietas has been engaged in shipbuilding in Neuenfeld near Hamburg since 1635.

Pella's business director Garegin Tsaturov regards the transaction as a business expansion opportunity for the company's new brand Pella Sietas GmbH in Germany, the statement points out. The company also intends to launch an additional production facility in Russia.

The ownership of the Hamburg-based shipyard means higher global market access opportunities for the Russian company and enables it to expand its product range, the statement emphasizes.

The Port of Hamburg (Hafen Hamburg) is the second largest container port in Europe with most up-to-date terminals in the world. In 2013, the port increased container turnover by 4.4% to 9.3 million TEU, total freight turnover grew by 6.2%. Russia is the port's second largest trading partner trailing only to China. Most of the containers transported between the Port of Hamburg and Russia are handled in St. Petersburg making it the largest terminal in terms of turnover in the feeder traffic with Hamburg. In 2012, the turnover between Hamburg and Russia reached ca. 676 thousand TEU.

JSC Leningrad Shipyard PELLA (tax number: 4706000296) specializes in shipbuilding, mechanical engineering and fiberglass manufacture. Pella is structured as a holding company comprising a parent entity and a number of subsidiaries: OJSC Pella-Mash (mechanical engineering), CJSC Intro-Pella (shipbuilding), CJSC NEMO (ship-borne electrical installation works), Aris LLC (ship-borne finishing work), CJSC Pella-Fiord (fiberglass structures), Promenergo LLC (power), Pela-Invest LLC (investments).

Pella's authorized capital (RUB 308.8 thousand) is represented by 154,400 preferred shares and 463,200 common shares at par value of RUB 0.5

According to the DataCapital information retrieval system, RAS net profit of JSC Leningrad Shipyard PELLA for January-September 2013 decreased by 48.31% to RUB 224.613 million from RUB 434.514 million the year before. Revenue increased by 6.56% to RUB 2.452 billion from RUB 2.301 billion, sales profit decreased by 2.3% to RUB 629.171 million from RUB 644.008 million, pre-tax profit by 49.09% to RUB 282.5 million from RUB 554.866 million.

"AK&M", 12.03.2014


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