Spain's Roca Group to hand Russian factories to local management

ST. PETERSBURG. July 1 (Interfax) - Roca Group, a Spanish manufacturer of porcelain bathroom fixtures, will hand over control of its seven factories in Russia to local management, the company said.

"Roca Group has signed a letter of intent to hand over its business in Russia to local management. The group is taking this step after a thorough assessment of the company's options in this market," the company said in a press release.

"The final closing of this agreement is subject to approval by the local authorities and the administrative procedures necessary for the deal," Roca Group said.

Roca Group, one of the world's largest manufacturers of porcelain fixtures and furniture for bathroom spaces, is headquartered in Barcelona. The company has 77 factories in various countries, including seven in Russia.

The group opened its first Russian factory in Tosno, Leningrad Region in 2004 at a cost of 40 million euros. Its production area totals 26,000 square meters. The group's Russian subsidiary Roca Rus LLC planned to triple production in Leningrad Region in 2022 from 500,000 to 1.5 million units per year.