Bottler Coca-Cola HBC is setting up a new foundation that seeks to support communities in the areas where it operates.
The Coca-Cola HBC Foundation will focus on 'critical areas' of importance, such as relief in the event of natural disasters; human rights, diversity and inclusion; and employee wellbeing and engagement, among others, the company noted.
It will also focus on corporate citizenship; packaging and waste management; women and youth empowerment; and water stewardship initiatives.
Zoran Bogdanovic, chief executive of Coca-Cola HBC stated, “Through the socio-economic impact studies that we perform with The Coca-Cola Company, we also understand how our activities deliver sustainable impact to the local economy, helping communities and creating employment.
“I am pleased to announce the launch of our new Foundation, which builds on our long-standing tradition of community action led by our people. It brings clear focus to these critical efforts, and empowers us to make decisions quickly by taking action where it is needed most.”
In 2023, Coca-Cola HBC pledged to donate €10 million towards the project. The funds will be deposited with the Foundation in the earlier part of this year.
The donation will be channelised according to the operating principles of the foundation, the company added.
In October of last year, it maintained its annual profit and sales forecasts despite reporting higher quarterly revenue on strong demand for its energy and coffee drinks, as the bottler faces foreign exchange headwinds.
The company expects an annual impact of €50 million to €60 million from translational foreign exchange on group comparable operating profit.