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LSR Moscow will exercise the coordination and general management of the subsidiaries located in Moscow: OJSC Zavod ZhBI-6 (reinforced concrete production), four concrete plants of OJSC Obyedineniye 45 in Moscow (ready-mix concrete production and delivery) and CJSC Mosstroyrekonstrutsiya (real estate development). Ivan Romanov who was appointed Head of LSR Moscow is also General Manager of CJSC Mosstroyrekonstrutsiya.
Igor Levit, CEO and Member of the Board of Directors of OJSC LSR Group commented:
“It is more important today than ever to promptly respond to the constantly changing conditions of the economic and market situation. In our view, the restructuring currently underway will have a most positive effect on the speed of decision-making thus enhancing the competitiveness of our assets in Moscow and the Moscow region. The territorial remoteness of the head offices of our business units in St. Petersburg from their branches in Moscow did not always enable us to do that quickly enough. Besides, the integration of building materials companies and real estate developers into the new division will help us to achieve a higher synergy effect now in the Central Region of Russia as well. An important factor considered when taking the decision was that the establishment of a new division will result in minimizing management costs through eliminating duplicate functions and also reducing transportation costs.”
Note to Editors:
OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction — from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad region, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany.
In 2007, the sales revenues of LSR Group (according to the IFRS-based financial statements) were RUB 35,858 million, in 2008 – RUB 49,813 million.
LSR Group is a public company, with its GDRs listed and traded on the London Stock Exchange and its shares listed and traded on MICEX and RTS.
In 2007, LSR Group was awarded ‘The Company of the Year’ National Award in the ‘Construction’ category.
Ivan Romanov has long-standing experience in the field of construction and real estate. He has been with LSR Group since 2000.
In 1994, he graduated from the Leningrad Industrial College of Building Materials and Parts with a major in “Industrial Construction and Civil Engineering.” Then he joined the St. Petersburg State Technical University and graduated from it with a major in “Manager-Economist.”
In 2001, he graduated from the St. Petersburg International Management Institute under the Project Management programme, and also from the St. Petersburg State University under the Financial Management programme.
Ivan Romanov started his career in real estate business in 1994 as property valuator for the Dom Plus real estate agency. He was one of the first valuators granted the right to valuate city properties and was involved in the development and improvement of the valuation methodology in Russia. In 1998, he moved to the position of analyst expert for real estate development projects with the International Bank for Reconstruction and Development (St. Petersburg office). In 2000-2001, he was a member of the Experts Board for Investment Projects Valuation under the RF State Construction Committee.
Ivan Romanov has been with LSR Group since 2000. He worked for OJSC Construction Corporation Renaissance of St. Petersburg, first as economist, then was appointed Head of Planning and Economics Department and in 2001 was appointed Deputy CEO. Between 2002 and 2007, he was CEO and then General Manager of OJSC Construction Corporation Renaissance of St. Petersburg. Since 2007, he has been working as General Manager of CJSC Mosstroyrekonstrutsiya.
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