The Coca-Cola Company has announced that its Bottling Investments Group will take over management of its bottling operations in the Philippines after Coca-Cola Femsa revealed plans to sell its stake.
Coca-Cola Femsa, the largest Coke franchise bottler in the world by sales volume, is said to have taken the decision following a “thorough strategic review” and concluded that the sale is in the best interest of its shareholders.
John Murphy, president of The Coca-Cola Company’s Asia Pacific group.
The announcement comes just two years after Coca-Cola Femsa reportedly said it would invest around $800 million in the expansion of its Filipino operation.
In a statement released today, president of The Coca-Cola Company’s Asia Pacific group, John Murphy, said he is confident in the firm’s plans to secure growth in the Philippines.
“We respect this decision and we appreciate the progress made during Coca-Cola Femsa’s five-year tenure in the Philippines,” he said. “The market is better positioned than ever before for future success, and we are confident about the potential ahead.”
Murphy added: “We look forward to continuing our strong ties in the Philippines, where we have been in operation for over 100 years.
“To all associates of Coca-Cola Philippines, thank you for all you do each and every day to serve our consumers and customers with excellence. With your continued commitment and passion, we look forward to taking the business to new heights.
“To our customers, business partners and our millions of consumers in the Philippines, please know we will work relentlessly to ensure a smooth transition of our sales, distribution and manufacturing operations throughout the country.”
The Coca-Cola Company said that its Bottling Investments Group already has “extensive operations in Southeast Asia”.
Mexico-headquartered Coca-Cola Femsa recently acquired Uruguay’s Montevideo Refrescos from The Coca-Cola Company for $250.7 million.
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