Jul 26, 2007. /Lesprom Network/. Sputnik Group (managing company of funds of direct investments created by Boris Jordan) sold National Timber Company (NTC) to Investlesprom holding, according to joint statement of two companies. The value of the deal is not disclosed. According to the managing director of Sputnik Group Serguey Rjabcov, “National Timber Company is a prosperous investment project. Due to professional management the business of NLK is well structured and optimally integrated in the group of companies allowing NTC ranking among the leading forest industry enterprises in the country.” According to him, Sputnik Group continues to concentrate its resources on further development of insurance and financial business on the base of Renaissance Insurance Group. Managing director of Les division of Investlesprom holding Dmitriy Zuev said that acquisition of NTC pursues the same objectives that preceding similar acquisitions of logging and wood-processing assets made by the holding in Karelia – there are optimization of logging and provision holding’s mills with source of raw materials. Sputnik Group started forming NTC in 1998 by acquisition of logging enterprise Kipelovo in Vologda region and after purchased another enterprises. At present NTC unites LPC Kipelovo, Kovzhinsky LPH, Kirillovsky LPH and Sokolsky DOK in Vologda region; Ulyanovsky forest industry mill in Ulyanovsk region; Ustyales in Arkhanguelsk region. Since 2003 Group has been comprising logging enterprises Severlesprom (Vologda region) and wood-processing mill Ilyinsky Lesozavod (Karelia Republic). Total area of forestlands leased exceeds 650 000 hectares. Logging enterprises belonging to NTC harvest more than 1 million cubic meters of merchantable wood. Processing of roundwood at wood-processing enterprises exceeds 500 000 cubic meters, sawnwood production is about 250 000 cubic meters, including 120 000 cubic meters for export. In 2004 company’s revenue totalled $83 million.