(Reuters) – Soft drinks bottler Coca-Cola (NYSE:) HBC AG said on Thursday it will evaluate all options for its Russian operations and have a smaller presence in the country, focussing on local brands.
The bottler, which counts Russia as one of its biggest markets, is also working closely with Coca-Cola to implement the U.S. beverage company’s decision to suspend its business in the region and stop orders for concentrates.
HBC is one of Coca-Cola’s many bottlers worldwide and holds local Coca-Cola franchises to bottle and sell drinks produced by the beverage giant. Coca-Cola holds a roughly 21% stake in HBC.
The London-listed company said organic revenue in the first-quarter rose 25.9%, excluding Russia and Ukraine.