Coca-Cola’s supplier, Frigoglass, to lay off staff in Romania, Russia and Turkey

The layoffs include seasonal workers, and the decision is intended to bring about a drop in costs, as the company reported a 57 percent decline in net profit in 2008, to €19.5 million, although sales increased 7.6 percent, to some €450 mln.

The company has not made any financial estimates for this year, because of its economic problems, but has indicated that its liquidity will continue to be good because of the reduction in costs, according to Mediafax news agency, quoting international agencies.

Frigoglass supplies equipment to the Greek Coca-Cola Hellenic bottling company and the Heineken beer producer.  A series of factories will be closed in Norway and Poland, in addition to the layoffs in Greece, Romania, Russia and Turkey.

Petros Diamantides, the group’s Chief Executive Officer, said that the group he runs will focus on developing on the American continent, and targets improved market shares in areas in which it is already present.  He also said that he expects performance to drop in Europe, but that this will be compensated by good results on Asian and African markets.