June 22 - Russia's Summa Group is purchasing a 56 percent stake in Far Eastern Shipping Company, OJSC (part of the FESCO Group) from the Industrial Investors Company.
Summa Group says the acquisition of FESCO will enable it to expand the geographic area in which it operates and will provide an entrance to three major marine basins that are accessible from Russia. This deal will make Summa Group a major intermodal carrier, able to offer its clients a full range of transportation and logistics services inEurasia.
FESCO Group is currently one of the largest integrated players in the Russian container market. It has its own fleet of container ships with a capacity of over 18,000 teu, over 3,500 platform railroad cars, its own fleet of over 19,000 freight cars, a sales network consisting of 70 offices in 15 different countries, and its own port facilities in the Russian Far East capable of handling 400,000 teu per year.
FESCO says it offers many specialised options for managing the movement of project cargo, including: Turnkey projects in the Russian Far East and Chukotka; Special equipment needs for the oil and gas, mining, and forestry industries; Out-of-gauge cargo, including modular housing and rolling stock, among others; Packing, crating, and warehousing in both the USA and Russia; Customs clearance in Russia.
"We've acquired a wonderful company with excellent prospects for growth. Buying a controlling stake in FESCO will significantly expand Summa Group's transportation and logistics capabilities and will give us the opportunity to provide a superior level of service throughout the entire transportation chain, from port to railroad to port, including shipping. The synergy with our existing businesses and expertise will make it possible to lower transportation costs for both shippers and recipients, as well as make a significant contribution to the development of our country's transportation potential and transportation infrastructure," highlighted the president of Summa Group, Aleksandr Vinokurov.