ECONOMY

Losses force Frigoglass to close Turkish unit

Greek refrigerator maker Frigoglass reported a 32 percent deeper third-quarter loss on Monday, hurt by higher taxes and lower spending from brewers in Russia.

The company, which sells coolers to beverage companies including Coca-Cola HBC and brewers in Europe, said its third-quarter net loss widened to 10.8 million euros from 8.2 million euros in the same period last year.

Brewery customers in Russia reduced spending in the face of the country’s deteriorating beer market, while higher taxes also weakened Frigoglass’s results.

Sales rose 8 percent to 89.4 million euros, thanks largely to the company’s glass bottle business in Nigeria, though depressed cooler sales are expected to continue in Europe for the rest of the year.

In an effort to cut costs, Frigoglass has said it will close its Turkish plant by the end of the year to cut costs.

It is also exploring several options for its glass operations.

[Reuters]