(Reuters) - Coca-Cola Co KO.N said on Tuesday it will buy Moxie, a soda-based soft drink brand that is more than a hundred years old, from its bottling partner Coca-Cola of Northern New England (CCNNE).
Moxie, the official soft drink of the state of Maine, was invented two years before Coke in 1884 and counted President Calvin Coolidge and Boston Red Sox great Ted Williams among its patrons.
Both the companies did not disclose the value of the deal, which is expected to close in the fourth quarter of 2018.
There will be no change in the distribution and the brand will become part of Coke’s venturing and emerging brands, said Lauren Thompson, a spokeswoman for Coca-Cola.
CCNNE, which is an independent franchise bottler of Coca-Cola, bought Moxie over a decade ago.
“The acquisition will provide the Moxie brand with the resources needed to evolve for a new generation of drinkers.” CCNNE’s spokesman Nick Martin said.
Reporting by Uday Sampath and Vibhuti Sharma in Bengaluru
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