Newly Formed Coca-Cola Bottling Company of Central Florida Signs Definitive Agreement with The Coca-Cola Company
Troy Taylor to lead new independent Bottling Company; Implementation of 21st Century Beverage Partnership Model in the United States Continues
ATLANTA--(BUSINESS WIRE)-- The Coca-Cola Company today announced that it had signed a definitive agreement with Coca-Cola Bottling Company of Central Florida (Coca-Cola Central Florida), a newly formed independent Coca-Cola bottling company. The transition of territories in Central Florida, originally announced February 21, 2014, will include Tampa/St. Petersburg, Ft. Myers, Ft. Pierce, Lakeland and Sarasota. The Company anticipates closing the transaction in 2015. Financial terms were not disclosed.
“Troy Taylor has a long and trusted history with The Coca-Cola Company and I can think of no one better to lead our business in Central Florida,” said Sandy Douglas, Group President, Coca-Cola North America. “As we have said, the Coca-Cola System should be a reflection of the communities where we operate and the consumers and customers that we serve. We are pleased to welcome Troy as a new bottling partner.”
Troy Taylor is the Chairman and Chief Executive Officer of Coca-Cola Bottling Company of Central Florida. With more than 20 years of business leadership experience, Taylor has significant experience in leading strategic initiatives and transactions for franchise-related businesses, including multiple Coca-Cola-related investments.
“I grew up enjoying the refreshing taste of Coca-Cola products every day,” said Taylor. “I’m excited and honored to now have a role in creating those genuine Coca-Cola moments for people in the Sunshine State. I believe there is tremendous opportunity to be a leader in Central Florida and I look forward to building strong relationships with our consumers, customers and community.”
In April 2013, The Coca-Cola Company announced that it had signed Letters of Intent with five U.S. bottlers which committed to creating a stronger U.S. business model through the granting of new, expanded territories. The five bottlers are Coca-Cola Bottling Co. Consolidated, Coca-Cola Bottling Company United Inc., Swire Coca-Cola USA, Coca-Cola Bottling Company High Country and Corinth Coca-Cola Bottling Works, Inc. The Company is very encouraged by the transitions that have taken place with each of these bottlers in 2014. Looking ahead, the Company is positioned to complete the initial transitions in 2015.
Additionally the Company announced on February 21, 2014 that it had signed a Letter of Intent for the granting of territories in the greater Chicago area to J. Christopher and M. Jude Reyes of Reyes Holdings, L.L.C. and expects to reach Definitive Agreement later this year.
In all of the newly granted territories, the Bottlers and The Coca-Cola Company will work collaboratively to implement key elements of the evolving U.S. operating model, including:
- A grant of exclusive territory rights and the sale by Coca-Cola Refreshments (CCR) of distribution assets and cold drink equipment
- A finished goods model under which production assets will remain with CCR, which would facilitate future implementation of a national product supply system
- An improved, more integrated information technology platform
- A new beverage agreement that supports the evolving operating model
About Coca-Cola Bottling Company of Central Florida
Coca-Cola Bottling Company of Central Florida is an independent Coca-Cola bottling company. Headquartered in Tampa, Florida, Coca-Cola Central Florida will have exclusive franchise rights to market, promote, distribute and sell products of The Coca-Cola Company throughout Tampa/St. Petersburg, Ft. Myers, Ft. Pierce, Lakeland and Sarasota.
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca-Cola, one of the world's most valuable and recognizable brands, our Company's portfolio features 17 billion-dollar brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply, Georgia and Del Valle. Globally, we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.9 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system associates. For more information, visit Coca-Cola Journey at www.coca-colacompany.com, follow us on Twitter at twitter.com/CocaColaCo, visit our blog, Coca-Cola Unbottled, at www.coca-colablog.com or find us on LinkedIn at www.linkedin.com/company/the-coca-cola-company.
The Coca-Cola Company
Katie Condon, 404-676-8006
kcondon@coca-cola.com
Source: The Coca-Cola Company
Released September 24, 2014