“The Russian businesses have fallen behind set goals for several years. The decision to sell the Russian businesses was based on our estimates on the outlook of the Russian pharmaceutical markets, on the competitive environment and the further development of profitability of the Russian businesses. Going forward, we will focus on developing our profitable businesses in Finland, Sweden and Baltic countries. In accordance with our strategy, we want to be the leading pharmaceutical retail and wholesale operator for pharmaceutical companies and consumers in Northern Europe”, comments Eero Hautaniemi, President and CEO of Oriola-KD.
Net sales of Oriola-KD’s Russian businesses in 2013 were EUR 978.8 million and operating profit was EUR -8.3 million. For the first nine months in 2014 the net sales were EUR 557.9 million and operating profit was EUR -102.5 million. The Russian businesses had 2,405 employees at end of September 2014.Back to transactions