Thursday, September 08, 2011

Coke cancels French plant to protest tax on sugary drinks

On its French website, the group said the increased tax would increase consumer prices by around 3.5% and could impact on its French activities and its 3,000 employees. It noted the tax would come on top of a rise in raw-material prices, notably sugar, which has increased by around 40% in a year.

"As a player in the French economy, Coca-Cola shares the collective efforts to reduce the public deficit. But we are strongly opposed to any form of stigmatization of our products which are unfairly considered as products such as spirits and tobacco," the group said on its website.