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4-Traders Homepage  >  Equities  >  Nyse  >  Coca-Cola Company (The)    KO

COCA-COLA COMPANY (THE) (KO)
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Coca Cola : Sale of Tonawanda Coca-Cola plant completed

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10/04/2017 | 01:10am CEST

Oct. 03--Coca-Cola Bottling Company of Northern New England has closed on an acquisition that includes a Town of Tonawanda Coca-Cola plant and its Western New York territory.

The deal eliminated manufacturing at the Tonawanda plant, which ceased bottling in mid-May. Sales and distribution at the plant, "remain fully active," according to Nick Martin, a spokesman for Coca-Cola Co. of Northern New England. The plant had more than 180 workers when the acquisition was first announced. It now has 171 workers, and most production workers have transitioned to other roles, the New Hampshire company said.

"It's important to note that there have not been any job losses as a result of production ending," Martin said.

Coca-Cola Bottling Co. of Buffalo's territory includes both Erie and Niagara counties, as well as parts of Cattaraugus, Chautauqua, Wyoming, Orleans, Genesee and Allegheny counties.

"We are fully committed to the Buffalo market, and we have already invested in new technology, such as handheld devices, and training for associates in Tonawanda," Martin said. He added the New Hampshire company "has built a strong reputation on great people and great brands, which will remain the key ingredients to our success going forward."

The overall acquisition gives territory from across Western and Upstate New York and most of Pennsylvania, as well as six other states, to the 40-year-old Coca-Cola Bottling Company of Northern New England. Its New Hampshire production center is considered state-of-the-art and environmentally sustainable, the company said. It is a wholly-owned subsidiary of Kirin Holdings Co., which is based in Japan.

The Buffalo plant is located at located at 150 and 200 Milens Road in the Town of Tonawanda. Terms of the deal were not disclosed.

The change is part of the Atlanta-based Coca-Cola Co.'s plan to restructure its franchising operations across North America by the end of 2017. Its goal is to create a "21st Century Beverage Partnership Model" which streamlines the company's bottling, customer service and product supply, and creates a revamped, universal IT system. It worked several years to consolidate its distribution network in the past. The Coca-Cola Co. employs 700,000 people around the world.

The Coca-Cola Bottling Co. of Buffalo had been owned by Pittsburgh-based food, beverage and energy company ABARTA since 1980.

___

(c)2017 The Buffalo News (Buffalo, N.Y.)

Visit The Buffalo News (Buffalo, N.Y.) at www.buffalonews.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

Stocks mentioned in the article
ChangeLast1st jan.
COCA-COLA COMPANY (THE) -0.02% 45.11 Delayed Quote.-1.66%
KIRIN HOLDINGS CO LTD -0.12% 2983.5 End-of-day quote.4.92%
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Financials ($)
Sales 2018 31 617 M
EBIT 2018 11 167 M
Net income 2018 8 820 M
Debt 2018 30 091 M
Yield 2018 3,45%
P/E ratio 2018 23,11
P/E ratio 2019 20,25
EV / Sales 2018 7,02x
EV / Sales 2019 6,80x
Capitalization 192 B
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James Quincey President, Chief Executive Officer & Director
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Kathy N. Waller CFO, President-Enabling Services & Executive VP
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Barry N. Simpson Chief Information Officer & Senior Vice President
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