Turkish conglomerate Anadolu Group’s subsidiary Coca-Cola İçecek (CCI) said its sales and distribution activities of herbal tea brand Doğadan in Turkey will be terminated as of April 30.
The company said on Wednesday that “according to an agreement with the Doğadan brand, our company’s sales and distribution activities of Doğadan brand in Turkey will be terminated as of April 30.”
The statement added that accordingly, the company’s sales and distribution activities of the Doğadan brand in Kazakhstan and Azerbaijan will also be terminated at the end of April.
The share of Doğadan brand in CCI’s total volume, sales revenue and EBITDA in 2019 was 8.3%, 1.9% and 0.2%, respectively.
The Turkish herbal tea brand Doğadan was acquired by the Coca Cola Co. in 2007 for $50 million (TL 333.9 million).
The bottling company Coca-Cola İçecek is part of the Coca-Cola System, and its main shareholder is Anadolu Efes with a 50.3% share, while some 20.1% belongs to the Coca-Cola Co., 3.7% to Özgörkey Holding, and the remaining 25.9% are traded on stock exchanges.