ATLANTA — Editor's Note: The video above is from previous Ukraine coverage.
An Atlanta-based global packaging company is selling two of its plants in Russia as its invasion of Ukraine continues.
Graphic Packaging International LLC, a subsidiary of Graphic Packaging Holding Co. (NYSE: GPK), lost $92 million in the second quarter of 2022 when the two folding carton plants closed, according to its second quarter earnings report.
The loss comes as companies around the world have halted or altered their business in Russia since the global power invaded Ukraine in February.
Despite losses from Russian operations, Graphic Packaging ended the second quarter with $66 million in revenue, according to its report. The company’s sales rose about $621 million in the second quarter of 2022 compared to same timeframe last year, which executives attribute to customers preferring recyclable packing materials, according to reporting from the Atlanta Business Chronicle.
Atlanta’s The Coca-Cola Co. (NYSE: KO) suspended business in Russia in March, leading to a loss of $96 million in the second quarter. Overall, the company’s revenue grew in the second quarter to $11.6 billion, according to the second quarter report.
“Our results this quarter reflect the agility of our business, the strength of our streamlined portfolio of brands and the actions we’ve taken to execute for growth in the face of challenges in the operating and macroeconomic environment,” Coca-Cola CEO and Chairman James Quincey said in a statement.
Other Atlanta-based companies, including Papa Johns International Inc. (Nasdaq: Pizza), Delta Air Lines Inc. (NYSE: DAL), United Parcel Services Inc. (NYSE: UPS) and NCR Corp. (NYSE: NCR), all severed relationships with the country in late February and March.
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