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."

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