Since the outbreak of the Ukraine war, the company has been in talks over selling its three factories in Russia, two near the capital Moscow and one close to Samara in the southwestern part of the country.
The information about Cersanit's exit from Russia remained undisclosed until the negotiations entered their final phase, the Puls Biznesu newspaper reported.
The factories employing some 1,500 workers are set to be acquired by an investor from China, Turkey or the United Arab Emirates, according to Puls Biznesu.
Cersanit's withdrawal from its key non-EU market will incur losses for the company, but it will help revive its sullied image, the Polish daily said.
Sołowow is the wealthiest Pole. He is ranked 406th on the World's Billionaires list by Forbes magazine, with assets worth around USD 6.5 billion.
(pjm/gs)
Source: Puls Biznesu, Forbes