Coca-Cola HBC AG on Wednesday noted the announcement by Coca-Cola Co that it is suspending its business in Russia and explained it will move in ‘close alignment’ with the soft drinks maker.

The Zug, Switzerland-based drinks bottling company for Coca-Cola said that it respects the decision by the Atlanta, Georgia-based firm.

‘Following the recent announcement by the Coca-Cola Co to suspend its business in Russia, we respect the decision and are working in close alignment on its implementation. We will thoughtfully consider the interests of our employees, customers, and suppliers in Russia,’ Coca-Cola HBC explained.

‘Our relationship with the Coca-Cola Co remains strong, and we continue to work in close partnership across the rest of our markets.’

Coca-Cola HBC last week had noted that Ukraine and Russia contributed 20% of its 2021 volumes and earning before interest and tax.

Shares in Coco-Cola HBC were up 2.0% at 1,490.00 pence on Wednesday morning in London.

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