Coca-Cola HBC ‘assessing all options’ in Russia as US soft drink giant winds down operations
Coca-Cola HBC is “evaluating all options” in Russia after the soft drink giant suspended operations there, saying it is likely to have a “much smaller presence” by focusing on local brands.
The London-listed company that bottles the soft drink in the country saw revenue growth of almost 26% through April – excluding Russia – as it reported results for the first three months of 2020.
In a statement, the company said the U.S. “Coca-Cola Company has suspended operations in Russia and stopped taking concentrate orders effective March 8, 2022.
“We are implementing this decision in close collaboration with The Coca-Cola Company.”
As a result of this decision, the company “will have a much smaller presence in the market, focusing on local brands. We are evaluating all options here and will share more in due course, as well as the financial implications of any decision made for both 2022 performance and the level of non-cash charges. »
Coca-Cola HBC AG CEO Zoran Bogdanovic said the company was “deeply shocked by the untold tragedy and ongoing human suffering in Ukraine”.
We continue to prioritize the safety of our people and their families and provide practical and financial support, as well as donations for humanitarian aid in the affected region.
The company also announced that £15 million was being donated with The Coca-Cola Company, The Coca-Cola Foundation and other bottling companies, for humanitarian aid.