Lietuvos Geležinkeliai (Lithuanian Railways, LG), the state-run railway company, plans to restructure the group and give up some of the unnecessary property. Mantas Bartuška, the company's CEO, does not rule out entering the stock exchange in the future.
Mantas Bartuška
© DELFI / Domantas Pipas

In Bartuška's words, the administration includes many unnecessary executives and will have about 300 jobs slashed. As some of the positions are already vacant, the number of people dismissed will be smaller. Bartuška said this would allow saving 9 million euros annually.

"The administration has over 1,200 employees, we intend to discard a fourth of the positions," Bartuška told a news conference on Friday.

He also said the company would review all of its functions to decide, which are necessary and which can be purchased on the market. For instance, LG may no longer need the services of Gelsauga security company or Railway Environmental Protection Center, however, "no decisions have yet been taken".

In his words, the group will aim to reinforce other companies, for instance, to make the Railway Building Center the region's most competitive company and be able to take part in contracting tenders as the leading enterprise, not the subcontractor.

Bartuška said efforts would be made to have the Vilnius Locomotive Depot provide services to other companies of the region, not just to LG.

In the CEO's words, the company may consider attracting capital via the stock exchange: "We may even think about the listing possibility to attract additional capital and make the company transparent."

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

How blockchain technology will change the world trade?

The field of research of World Trade Organisation chief analyst Emmanuelle Ganne is the application of...

Welcome to Vilnius workshops to support foreign talent relocating to Lithuania’s capital

This Tuesday Vilnius’ business development and tourism agency Go Vilnius at the Workland Business...

2018 was marked as the best year for Lithuanian cinema market after the restoration of independence

The Lithuanian film centre have summarized the local box office results - in 2018 distribution reached...

The number of foreign startups choosing Lithuania for starting their businesses is growing

Last year, the Startup Visa received 178 applications of foreign companies for participation in the...

Lietuvos Geležinkeliai starts Rail Baltica territory planning (1)

Lietuvos Geležinkeliai [Lithuanian Railways] is initiating the European gauge Rail Baltica...