Estonia, Markets and Companies, Mergers and take-overs, Port, Transport

International Internet Magazine. Baltic States news & analytics Thursday, 13.08.2020, 02:37

Estonia: Kunda Nordic Tsement sells its Kunda port operations

BC, Tallinn, 13.09.2018.Print version
Kunda Nordic Tsement AS, a company owned by HeidelbergCement Group, and Kunda Sadam AS, a company owned by Baltic Maritime Logistics Group, have signed an agreement for the transfer of the port of Kunda as an organizationally independent enterprise.

The divestment is part of HeidelbergCement's strategy to focus on its core business. The closing of the transaction is scheduled to take place during the last quarter of the current year, Kunda Nordic said.

"The price of the transaction is confidential, once all processes related to it are complete, we will definitely notify of it," Daimar Truija, member of the management board of Kunda Sadam AS, tolld. He said that Baltic Maritime Logistics AS has always been interested in developing toward logistics both in Estonia and in the Baltic countries and the company believes this is a good opportunity for doing so.

Port of Kunda, constructed by Kunda Nordic Tsement AS in 1994 and amongst the seven Estonian ports handling more than mln tons of cargo annually, has handled 1.4 up to 1.8 mln tons of solid bulk, liquid bulk and general cargoes in the previous five years.

HeidelbergCement Group, founded in 1873 and operating in 60 countries with sales over 17.3 bn euros, is one of the leading building materials manufacturers in the world.

Baltic Maritime Logistics Group, a concern founded in 2000 and operating in 10 countries with sales over 143 mln euros, is engaged in the logistics sector.

Owners of BMLG through companies are Tarmo Nurmetalo with 43.5%, Karin Nurmetalo and Ants Ratas with 21.75% each and Andres Vahi with 12.99% of the company.


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