US: Coca-Cola Co agrees deal with two more bottlers
Coca-Cola is returning to a franchise model in North America
The Coca-Cola Co is on track to secure two new US bottling franchise partners, in Chicago and Florida.
The company said earlier today (21 February) that it has signed a letter of intent with global food and beverage distribution firm Reyes Holdings to cover the greater Chicago area. A bottling agreement has also been reached with Troy Taylor, a long-term advisor to Coca-Cola, for central Florida, which includes Tampa and St Petersburg.
Coca-Cola said it expects to reach “definitive agreements” with its new partners “shortly”. Financial terms of the deals were not disclosed.
The move is part of an initiative by Coca-Cola to return to a franchise model in North America, as oppose to owning bottlers.
Last April, the company announced that it had signed agreements with five US bottlers, giving them new, expanded territories. The five bottlers were Coca-Cola Bottling Co Consolidated, Coca-Cola Bottling Co United, Swire Coca-Cola USA, Coca-Cola Bottling Co High Country and Corinth Coca-Cola Bottling Works.
Earlier this week, Coca-Cola reported a single-digit slip in full-year net profits and sales.
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