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MOSCOW, February 10. / TASS / Soft-drink giant Coca-Cola is reporting a loss of $40 million in Russia in 2014, due to restructuring of the juice business in Russia, the company said in a report on Tuesday.
"At the end of the calendar 2014 year, the company recorded a loss of $40 million, due to the restructuring and production transfer of juices in Russia to the existing joint venture with non-consolidated bottling partner," the report says. Bottling Investment Group reported reduced profit for the corresponding amount; the company is of three main lines of business for Coca-Cola.
Earlier, the Coca-Cola Company announced it would be closing two Nidan juice plans, one outside of Moscow in Kotelniki, the other in Novosibirsk, with a total capacity of 560 million liters per year.
Nidan was purchased by the American company in 2010 for $276 million.
Nidan's main brand Moya Semya (My Family) will be transferred to another plant, Multon, that is owned by Coca-Cola's bottler Hellenic and The Coca-Cola Company. The decision was made based on the Nidan share reduction from 9% in 2011 to 6.9% in 2012, along with the overall reduction in the juice market in Russia to 5% in 2013.
On Tuesday, Coca-Cola announced that the company net profit in the fourth quarter of 2014, year-on-year fell by 55% and amounted to $771 million.