Coca-Cola Co said on Tuesday it bought Australia-based Organic & Raw Trading Co, known for its Mojo brand of kombucha tea, extending its push into healthier drinks.
The world’s largest drinks company has been increasingly diversifying its portfolio to include healthier options such as sparkling waters as consumers move away from sugary sodas.
Organic & Raw’s Mojo kombucha is a naturally fermented tea.
Coke has been on a deal spree, ranging from a $5.1 billion acquisition of coffee chain Costa to a minority stake in a Kobe Bryant-backed sports drink brand BodyArmor last month. The company is also among the bidder for GlaxoSmithKline’s (GSK.L) Indian Horlicks nutrition business, Reuters reported on Tuesday.
The soda maker also said on Monday it was closely watching the fast-growing marijuana drinks market for a possible entry.
The latest deal, the terms for which were not disclosed, will allow Coca-Cola to add Mojo brands to its portfolio of 165 products and 25 brands across Australia.
“The addition of Mojo kombucha fits perfectly with the growing popularity of organic, probiotic drinks,” Vamsi Mohan, president of Coca-Cola Australia, said in a statement.
By Soundarya J
Source: Reuters
McCain Foods has completed the acquisition of Irish plant-based frozen food manufacturer Strong Roots. The acquisition follows McCain and Strong Roots’ strategic partnership, which began in 2021 and resulted from a $55 million investment.
Cargill partners with Voyage Foods to scale up alternatives to cocoa-based products to meet consumers’ indulgence needs. The commercial partnership will also provide food manufacturers with nut spreads produced with no nut or dairy allergens used in the recipe formulation.
L’Occitane International owner Reinold Geiger is reportedly close to taking the company private in a deal with Blackstone. The French skin care company’s filing halted trading of its Hong Kong-listed shares this week. This is the second time in months that the Australian billionaire has attempted a buyout.
