UAB ICOR

UAB ICOR is a Lithuanian diversified business group formerly known as the Rubicon group. It traces its origins to 1990, when a group of former Vilnius University students established Rubicon as a freight-forwarding consultancy. The business subsequently expanded beyond its original consulting and logistics-related activity, developing interests in metal trading and entering additional industrial and service sectors. Its activities later grew into a multi-company corporate group with operations extending beyond Lithuania. The group’s ownership and governance have changed over time. In 2010, three co-founders and shareholders—Rimantas Bukauskas, Arūnas Mačiuitis and Remigijus Lapinskas—sold their interests to the remaining shareholders. As part of that restructuring, the departing shareholders acquired full ownership of Siemens Arena, the ticketing company Tiketa and the company managing Panevėžio’s Cido Arena. The wider group subsequently adopted the ICOR name and operated a portfolio that included City Service, Ecoservice, Bionovus, the Realco real-estate group and the Vichy Water Park. ICOR’s business model is based on holding and coordinating companies in several sectors rather than marketing a single consumer product. The group has been associated with public utilities, environmental services, energy solutions, industrial equipment and maintenance, petroleum-product trading, construction, agricultural processing and real-estate development. Its industrial and energy interests include Axis Technologies, which develops biofuel-energy solutions, while its AXIOMA group includes businesses providing industrial equipment maintenance and producing ultrasonic heat and water meters. Other named companies include Veikmės statyba in construction, Realco in property development, Oilead in petroleum-product trading, Natural Fiber in hemp-stalk processing and Agrosfera in grain-related activities. The reference material describes ICOR as a group of more than 100 companies employing roughly 6,800 people, with companies operating in more than 10 countries and products or services reaching customers in more than 60 countries. These figures reflect the period covered by the reference material and should not be treated as a current corporate disclosure without newer verification. The group reported turnover of €558 million in 2018 and a profit of €20.885 million in 2017, while earlier figures were reported in Lithuanian litas before the euro became Lithuania’s currency. ICOR has also been connected with major venues and public-facing assets in Lithuania, including Siemens Arena in Vilnius and Panevėžio Arena. Despite those visible holdings, the group is principally a diversified investment and operating platform whose portfolio companies serve business, municipal, industrial and consumer markets. The available reference material identifies Andrius Janukonis as chairman of the board, Gintautas Jaugielavičius and Linas Samuolis as board members, and Artūras Gudelis as chief executive officer. Because the reference article does not provide a current corporate filing or a recent official company profile, the present status of individual holdings, leadership roles and operating scale requires verification.

ICOR began in 1990 as Rubicon, a freight-forwarding consultancy founded by former students of Vilnius University. The founders later became involved in directing the expanding Rubicon group. During its early development, the business broadened into metal trading in Lithuania and Russia, moving away from a narrow consulting identity and toward a diversified operating and investment structure. The group’s reported financial scale increased substantially during the 2000s. In 2005, it reported turnover of 311 million Lithuanian litas and profit of 24 million litas. In 2011, reported sales reached 905 million litas, equivalent in the reference material to approximately €262.1 million. These historical figures are reported in the currencies and euro conversions used at the time and are not a substitute for audited current accounts. A major ownership restructuring took place in 2010. Rubicon’s co-founders and shareholders Rimantas Bukauskas, Arūnas Mačiuitis and Remigijus Lapinskas sold their shares to the remaining shareholders. They then acquired 100% of Siemens Arena, the ticketing and ticket-sales company Tiketa, and the company responsible for managing Panevėžio Arena, also known as Cido Arena. The transaction altered the group’s shareholder composition and separated several venue and ticketing assets from the interests retained by the continuing shareholders. After the restructuring, the Rubicon group adopted the ICOR name. Its portfolio was described as including City Service, Ecoservice, Bionovus, the Realco group and the Vichy Water Park, alongside other businesses. The group’s activities covered municipal and public services, environmental management, utilities, energy, property and leisure assets. By the end of 2016, the group was reported to employ 6,999 people. In 2017, it reported profit of €20.885 million, although the available reference does not specify the accounting basis or provide a full financial statement. During the later period covered by the reference material, ICOR’s portfolio included Axis Technologies, Veikmės statyba, Realco, Oilead, Natural Fiber and Agrosfera. Axis Technologies focused on biofuel-energy solutions. Veikmės statyba operated in construction, Realco in real-estate projects and Oilead in international petroleum-product trading. Natural Fiber was associated with factories processing hemp stalks, while Agrosfera was described as a grain-related business. The AXIOMA group comprised Axioma Servisas, which maintained equipment for industrial enterprises; Axioma Metering, which produced ultrasonic heat and water meters; and Remeksi Keskus, which provided metal-structure production services. The reference describes ICOR as having more than 100 companies, approximately 6,800 employees, activity in over 10 countries and products or services supplied to markets covering more than 60 countries. It reports group turnover of €558 million in 2018. The available material does not establish whether every named subsidiary remained within the group after that period, nor does it provide a recent consolidated corporate profile. ICOR is therefore best understood as a Lithuanian diversified group whose historical portfolio spans utilities, environmental services, energy, industry, trading, construction, real estate and entertainment venues.

• 2018

  Reported group turnover of €558 million

  [1]UAB ICORen.wikipedia.org

  The reference reports turnover of €558 million for the ICOR group.

• 2017

  Reported profit of €20.885 million

  [1]UAB ICORen.wikipedia.org

  ICOR is reported to have achieved profit of €20.885 million.

• 2016

  Employment exceeds 6,900 people

  [1]UAB ICORen.wikipedia.org

  At the end of the year, the group is reported to have 6,999 employees.

• 2011

  Reported sales reach 905 million litas

  [1]UAB ICORen.wikipedia.org

  The group reports sales of 905 million Lithuanian litas, described in the reference as approximately €262.1 million.

• 2010

  Shareholder restructuring and venue acquisitions

  [1]UAB ICORen.wikipedia.org

  Three co-founders sell their shares to the remaining shareholders and acquire Siemens Arena, Tiketa and the company managing Panevėžio Arena.

• 2005

  Reported turnover reaches 311 million litas

  [1]UAB ICORen.wikipedia.org

  The group is reported to have generated turnover of 311 million Lithuanian litas and profit of 24 million litas.

• 1990

  Rubicon is established

  [1]UAB ICORen.wikipedia.org

  The business begins as Rubicon, a freight-forwarding consulting company founded by former Vilnius University students.

A diversified Lithuanian corporate group that combines industrial, infrastructure, energy, utility, trading, construction and real-estate businesses under a common investment and management structure.

• Energy solutions

  Axis Technologies

  A group company associated with biofuel-energy solutions. Its activities represent ICOR’s participation in industrial energy infrastructure and renewable or lower-carbon fuel applications rather than a conventional consumer product line.

• Industrial technology and services

  AXIOMA group

  The AXIOMA group brings together industrial-service and metering businesses. Axioma Servisas provides equipment maintenance for industrial enterprises, while Axioma Metering produces ultrasonic heat and water meters. Remeksi Keskus is associated with metal-structure production services.

• Real-estate development

  Realco

  A real-estate business within the ICOR portfolio, responsible for property projects and development activity. The available material does not specify a complete project list or clarify the company’s current ownership status.

• Petroleum-product trading

  Oilead

  A business associated with international trade in petroleum products. It represents ICOR’s commodity-trading activity, although the available reference does not provide details on traded volumes, markets or current operations.

• Agricultural and materials processing

  Natural Fiber

  A business connected with factories processing hemp stalks. The reference identifies the activity but does not describe specific finished products, production capacity or the company’s present status.

• Agricultural services

  Agrosfera

  A group company described as a grain-related business. The available information does not establish whether its activities focus on storage, trading, processing or another part of the grain value chain.

• Entertainment venue

  Siemens Arena

  A major Vilnius basketball and concert venue historically associated with the wider Rubicon and ICOR group. The venue formed part of the group’s public-facing entertainment and property portfolio.

• 2010

  Restructuring of the shareholder and asset portfolioStrategy

  Background

  Three co-founders and shareholders exited the group by selling their interests to the remaining shareholders. The transaction occurred as the group was moving from its Rubicon identity toward the ICOR structure.

  Action taken

  The departing shareholders acquired full ownership of Siemens Arena, Tiketa and the company managing Panevėžio Arena, while the continuing shareholders retained control of the remaining group.

  Aftermath

  The Rubicon group subsequently became ICOR and continued operating a diversified portfolio spanning utilities, services, industry, real estate and energy.

  Source

1. 1UAB ICORen.wikipedia.org