MEXICO: Coca-Cola Co plans US$8.2bn investment
Coca-Cola has lost volumes in Mexico
The Coca-Cola Co has pledged to invest US$8.2bn in Mexico over the next six years despite the country's government having introduced a sugar tax.
The move, announced by Coca-Cola Mexico president Francisco Crespo yesterday (16 July), continues the soft drinks maker's roughly $1bn-a-year investment in the North American country since 2009. Crespo called it a “reaffirmation” of Coca-Cola's funding promise that will last until 2020.
The investment will be in partnership with Coca-Cola's Mexican bottling partners, bringing Coca-Cola's combined investment in Mexico from 2012 to 2020 to $12.4bn, the company said.
The announcement comes as Coca-Cola volumes in Mexico take a slight hit because of the introduction of a MXN1 (US$0.08) per litre tax on “sugar-sweetened” beverages in January. In its first-quarter results, Coca-Cola posted a low single-digit volumes decline in Mexico that it blamed on the tax.
Mexico is not the only country where Coca-Cola is spending heavily. In 2012, the company pledged it would invest $5bn in India by 2020.
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