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
Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.
Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.
The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.