Navigator starts due diligence on ceramic tile investment in Ukraine


Navigator has started a due diligence and investment plan verification for a Ukrainian ceramic tile manufacturer and an international investment bank.


The objectives of the project are to:

  • Review the company's investment plan, which calls for the addition of four new ceramic tile lines and a large-scale increase in production capacity

  • Analyse corporate profitability and price development

  • Conduct an independent market analysis of the Ukrainian, Russian, CIS and Western European markets for floor and wall tiles

  • Implement a competitor analysis and benchmarking

  • Review key issues in transport, logistics, trade policies and market access.

The project includes primary market research in Kiev, Kharkhiv, Lviv, Moscow and other locations in Russia and Ukraine.


The ceramic tile markets in Russia and Ukraine have rebounded following the 2009 recession and currency devaluation. Sales growth rates of between 10-20% are being reported.

Consumers are increasingly looking at a range of factors, from design quality to price, and the number of foreign companies investing in domestic production or import is increasing.


With Western European manufacturing capacity and consumption in decline, "nearshore" locations such as Ukraine, Turkey and Russia are gaining in importance due to their relative proximity to key markets.


This is the latest project Navigator is implementing in the building materials sector, and builds on our competence in this area.