Coca-Cola HBC Cuts Production at Two Greek Plants as Sales Fall
Coca-Cola Hellenic Bottling Co SA (EEEK), the world’s second-biggest bottler of Coke beverages, will cut its production plants in Greece to three from five as the recession hits revenue in the country.
Sales have declined over the last three years as Greek consumers cut spending amid austerity measures, the Athens-based company said in an e-mailed statement today. The cuts will affect 30 employees, according to the e-mail.
The Greek economy is in its fifth year of recession and the government has committed to additional austerity to secure a 130 billion-euro second international bailout.
Coca-Cola Hellenic is “consolidating its operational structure to improve efficiency, reduce costs and continue to contribute to the Greek economy,” according to the statement.
Production from the Thessaloniki and Patras plants will be moved to Schimatari, Volos and Heraklion, according to the statement.
Coca-Cola HBC reported a fourth-quarter net loss of 11.8 million euros ($15.9 million) compared with a profit of 22 million euros in the same period a year earlier. Revenue rose 2.7 percent to 1.53 billion euros in the quarter, Coca-Cola HBC said in a statement on Feb. 15.
To contact the reporter on this story: Natalie Weeks in Athens at firstname.lastname@example.org
To contact the editor responsible for this story: Jerrold Colten at email@example.com