German condom producer CPR GmbH has declared insolvency, blaming sanctions in opposition to Russia. 25% of condoms produced by CPR are offered to Russia.
By Robert Harneis
In line with German media studies, CPR GmbH, a producer of grownup condoms in Decrease Saxony, Germany, just lately introduced that it was not solvent and filed for chapter. As the biggest producer of condoms in Germany and the biggest in Europe, the producer produces greater than 200 million grownup condoms per 12 months. Earlier than the beginning of the Russian-Ukrainian warfare, the corporate’s CEO had expressed confidence sooner or later.
After the outbreak of the Russian-Ukrainian navy battle, numerous monetary sanctions had been imposed by Western nations, which signifies that the producer’s deliveries to the Russian market can not be settled in euros, however in rubles. CPR GmbH turns into one of many first German firms to go bankrupt because of sanctions in opposition to Russia.
Lawyer Karina Schwarz has been appointed by the court docket as an interim chapter administrator.
210 million condoms per 12 months
Schwartz advised the German media “Wirtschaftswoche” that the export enterprise to Russia is essential to the corporate. After the outbreak of the Ukraine warfare, the Western sanctions in opposition to Russia made the corporate’s enterprise troublesome.
Headquartered in Sarstedt close to Hannover, CPR is Europe’s largest producer of grownup condoms, primarily via pharmacies and retail shops, in addition to its personal on-line retailer. As well as, CPR additionally manufactures and sells condom manufacturing machines for grownup merchandise.
CPR, which owns a number of well-known grownup condom manufacturers equivalent to “Billy Boy”, “Sico”, “Mein Kondom” or “The Loopy Monkey Condoms”, has about eight grownup condoms coming off the meeting line each second, producing about 210 million condoms per 12 months Grownup.
There’s rising concern throughout the EU that sanctions aimed to hurt Russia are solely hurting the EU and never serving to Ukraine.