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The new office will exercise general management of LSR Group business units in the Urals region: CJSC Nova-Stroy - one of the largest real estate developers in Yekaterinburg, OJSC Betfor Reinforced Concrete Plant – the largest producer of reinforced concrete items, OOO SMU Nova-Stroy – a general contractor company, OOO PKU Nova-StroyProekt – a design organization, OOO Uralshcheben – a crushed granite producer. In case new businesses in the region are acquired, they will also be managed by the Urals Office.
This restructuring will allow LSR Group to consolidate management of the Urals business units under one main management company, to introduce unified corporate standards and solutions as well as to streamline the general system of management and coordination.
Igor Levit, Chairman of the Board of Directors of LSR Group, comments:
“The decision to open the Urals Office was made to streamline company’s structure and diminish the bureaucratic barriers. I’m sure the new office will enhance competitiveness of our business in the Urals region, and also have a positive effect on communications between subsidiaries and future development of the business process”.
Andrey Bibikov, Managing Director of the Urals Office of LSR Group Management Company, comments:
“By creating a new office, we eliminate “useless managing elements” and streamline company’s management structure: in the past, the separate Urals business units were managed by LSR Urals Management Company. Now the separate business units will directly be managed by LSR Group Management Company, where all the employees of LSR Ural Management Company will be transferred to”.
Note to Editors:
OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine.
In 2009, the sales revenues of LSR Group were RUR 51,024 million (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.
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