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Health Scare Will Hurt Coca-Cola's Results

July 01, 1999|Times Wire Services

The health scare in Europe over some Coke products, combined with continued economic problems in other markets overseas will hurt Coca-Cola Co.'s second-quarter earnings, the company said. Worldwide unit case volume will be down 1% to 2% for the quarter, with a decline of 6% to 7% expected in Coke's Greater Europe Group. Unit case volume is an industry measure representing 24 8-ounce servings sold. Coca-Cola Beverages, the world's fourth-largest Coca-Cola bottler, said it had withdrawn 0.33-liter bottles of its Bonaqua soft drink from sale in Poland after a customer complained about a bottle contaminated with a mold. Coke said that a "small percentage of the bottles" were "likely to be affected by the mold" and that preliminary testing by Polish health authorities showed the mold was not dangerous. The recall started Saturday. Coke shares rose 81 cents to close at $62 on the New York Stock Exchange.

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