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Coca-Cola Bottling Co. Consolidated Announces Signing Of Letter Of Intent With The Coca-cola Company For Expansion Of Franchise Territory

Tuesday, 16 Apr 2013 07:41am EDT 

Coca-Cola Bottling Co. Consolidated announced that it has signed a non-binding letter of intent with The Coca-Cola Company to expand the Company`s franchise territory. The letter of intent provides additional distribution rights for the Company in parts of Tennessee and Kentucky which include major markets, Knoxville, TN and Lexington and Louisville, KY. Coca-Cola Refreshments USA, Inc. (CCR), a wholly owned subsidiary of The Coca-Cola Company, currently serves this territory. The proposed transaction for acquiring distribution rights to the expanded territory will be accomplished by a sub-bottling arrangement with CCR under which the Company would make ongoing payments to CCR in exchange for the exclusive distribution rights in the territory. CCR would also transfer its rights in the territory to distribute brands not owned by The Coca-Cola Company to the Company as part of the transaction. In addition to territory rights, the Company would also acquire distribution assets and certain working capital from CCR relating to the expanded territory. The Company would not acquire any production assets from CCR. The new territory will be covered by a new form of comprehensive beverage agreement between the parties. 

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-0.73 -1.81%
30 Jul 2014