Coca-Cola Co. on Thursday said an earlier completion of a major European bottling merger will drag results in the current quarter.
Coke now expects the net impact of acquisitions, divestitures and other structural items to be a 5 to 6 point headwind on revenue and a 4 to 5 point headwind on income before taxes in the second quarter.
Last August, three Coca-Cola Co. bottlers agreed to a merger combining $12 billion in revenue across 13 European countries, part of a global consolidation push by the U.S. soda giant to cut costs amid slowing sales.
Publicly traded bottler Coca-Cola Enterprises Inc., which makes and distributes Coke in eight European countries including the U.K. and France, combined with Spain’s privately held Coca-Cola Iberian Partners SA and Germany’s Coca-Cola Erfrischungsgetränke AG, the latter owned by Atlanta-based Coke.
The tie-up, which was completed May 28—about one month before expectations—formed the world’s largest independent Coke bottler by revenue.
By Anne Steele
Source: Wall Street Journal
A new technology that speeds up bacterial testing in food is showing promise to “revolutionize” the process of testing bacterial viability in food, according to Japan-based scientists who discovered the breakthrough in food safety. The technique can reportedly verify food safety before shipment from factories and prevent food poisoning.
Heineken Mexico plans to invest €430 million in the establishment of a new brewery in Yucatán, aiming to expand sustainable brewing practices and foster community growth. Construction will take place in the Kanasín municipality, marking the company’s inaugural brewery in southeastern Mexico.
Keurig Dr Pepper (KDP) has appointed former Mondelēz International executive Tim Cofer as its new chief operating officer, with plans for Cofer to succeed current CEO Bob Gamgort in the second quarter of 2024. Cofer, who will join KDP on 6 November, will work closely with Gamgort while in the capacity of COO.
