The Coca-Cola Company today issued a statement congratulating its local bottling partners in China. COFCO Coca-Cola Beverages Limited (a subsidiary of COFCO Corporation) and Swire Beverages Holdings Limited on the closing of the majority of re-franchising transactions in Coca-Cola’s third-largest market. Following transactions closed on April 1, all Coca-Cola bottling territories in China are now majority owned by local franchisee partners.
“We congratulate COFCO and Swire on the closing of these important transactions and look forward to working together to fully complete the re-franchising process in China in the coming months,” said Muhtar Kent, Chairman, and CEO of The Coca-Cola Company.
“COFCO and Swire will be able to leverage greater scale, capability and efficiency to invest for growth and deliver improved service to customers and consumers throughout China’s fast-changing marketplace.
Coca-Cola bottling line in Nanking, China
“COFCO Coca-Cola Beverages Limited and Swire Beverages Holding are led by Mrs. Xiuju Luan and Mrs. Karen So, respectively. We wish them and all 45,000 Coca-Cola system associates in China continued success as we move to our next phase of growth in this exciting consumer market,” Kent continued.
As announced when the parties reached a definitive re-franchising agreement last November, Coca-Cola sees ‘re-franchising in China as a key milestone in positioning strong, local bottling companies for long-term success.
China represents a significant long-term growth opportunity for The Coca-Cola Company and its bottling system. The Coca-Cola system in China is currently investing $4 billion locally for future growth from 2015 to 2017, building on $9 billion of investments made in the market since 1979.