The Coca-Cola Company will buy Moxie, the US-based soft drink brand, from its bottling partner Coca-Cola of Northern New England.
The companies have not disclosed the financial terms of the deal, which is expected to close in the fourth quarter of 2018.
Bottling of Moxie soda will remain in New Hampshire and Coca-Cola may also bring the brand to a wider audience, it has been reported.
Lauren Thompson, a spokeswoman for Coca-Cola, told Associated Press: “Moxie is a great brand with a great heritage. Coca-Cola Northern New England has been a strong steward of the brand over the last decade and we take seriously our responsibility to ensure it stays true to its Northeastern roots.”
A spokesperson for Coca-Cola of Northern New England said: “The acquisition will provide the Moxie brand with the resources needed to evolve for a new generation of drinkers.”
The acquisition follows on from Coca-Cola’s purchase earlier this month of US-based sports performance drink brand Bodyarmor, as it aims to adapt its product portfolio.
In its most recent quarterly results, Coke saw its revenue in North America rise by 7% to $3.1 billion, thanks largely to the double-digit growth of Coca-Cola Zero Sugar.
The company’s CEO James Quincey has said that the firm’s goal of creating a “consumer-centric beverage portfolio” is paying dividends.
Addressing shareholders at the company’s annual shareholders meeting in April, Quincey said the “test and learn” approach has allowed it to effectively monitor the demands of its global consumers and in turn tailor its beverage portfolio to offer “what people want”.
He added that the company’s global network of brands and extensive product portfolio has also let the company to quickly “lift, shift and scale” brands between different countries to match consumer demands in different markets.
© FoodBev Media Ltd 2019
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