German condom producer CPR GmbH has declared insolvency, blaming sanctions towards Russia. 25% of condoms produced by CPR are bought to Russia.
By Robert Harneis
Based on German media reviews, CPR GmbH, a producer of grownup condoms in Decrease Saxony, Germany, lately introduced that it was now not solvent and filed for chapter. As the most important producer of condoms in Germany and the most important in Europe, the producer produces greater than 200 million grownup condoms per yr. 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 army battle, varied monetary sanctions had been imposed by Western nations, which implies that the producer’s deliveries to the Russian market can now not be settled in euros, however in rubles. CPR GmbH turns into one of many first German firms to go bankrupt because of sanctions towards Russia.
Legal professional Karina Schwarz has been appointed by the courtroom as an interim chapter administrator.
210 million condoms per yr
Schwartz instructed 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 towards 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 corresponding 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 yr Grownup.
There may be rising concern inside the EU that sanctions aimed to hurt Russia are solely hurting the EU and never serving to Ukraine.