Jun. 13, 2022 - It is reported that Russia is one of the most important markets for the Roca Group. According to market sources, the total sales of the Roca Group is close to 2 billion euros, and the turnover in Russia exceeds 100 million euros. The asset transfer means that Roca Group will completely withdraw from the Russian market.
Roca Group entered the Russian market in the late 1980s and early 1990s. After years of development, it has established 7 factories in Russia and employed about 2,800 people in the production of sanitary ceramics, furniture and composite materials. In February, due to the Russian-Ukrainian conflict, the European Union and the United States imposed sanctions on those who have trade relations with Russia, Roca Group decided to temporarily stop production, stop importing and exporting products to the Russian market, and send 2,800 employees home. In March, Roca Group disclosed the procedures to be followed to assess the temporary withdrawal from Russia.
The Roca Group recently decided to sell its assets in Russia to a local management team for a nominal price, which is certainly far from book value. Some media commented that, after 30 years, Roca handed over the business to local managers for almost free. Roca Group had to bear considerable losses when it withdrew from the Russian market, but its officials were reluctant to publicly disclose how much it lost.