Spanish confectioner Chupa-Chups has reported a loss of €20m (US$21.6m) in 2002, its worst year since it was founded 40 years ago.

According to an article in El Pais, the lollipop maker finds itself with no choice but to sell off some of its non-strategic assets. The company announced last week that it would reduce its holdings in China (for more information click here)  and is reported to be considering downsizing in Russia.

In the meantime, Chupa-Chups is forging ahead with plans to launch a new confectionery product, backed by a €3.1m launch budget.