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. Last Updated: 07/27/2016

Inchcape Sells to Coke

LONDON -- British diversified trading group Inchcape PLC said it sold its Russian bottling unit to Coca-Cola Co. for $87 million, $100 million less than originally agreed because of the collapse of the Russian economy.

"Given the current economic climate in Russia and the impact of trading losses in the Russian bottling operations, the board has taken the decision to cap Inchcape's exposure by selling the business now," Chairman Lord Marshall said Monday in a statement.

Inchcape said the collapse of the Russian economy had resulted in an acceleration of trading losses at its Russian bottling operation. It estimated year-to-date operating losses at pounds 21 million ($35.56 million) at the end of September compared with pounds 7.1 million at the end of June.