Coca-Cola Enterprises Completes Transaction with The Coca-Cola Company
On September 7, 2010, CCE announced updated long-term financial objectives, including revenue growth of 4 percent to 6 percent.
Oct 5 2010 --- Coca-Cola Enterprises, Inc. has completed its transaction with The Coca-Cola Company. CCE will retain its name and operate as a new public company consisting of its existing European territories, as well as the bottling operations in Norway and Sweden acquired from The Coca-Cola Company. CCE shares will begin trading on the New York Stock Exchange on Monday, October 4, under the CCE stock symbol.
"This is a truly exciting day for everyone at CCE, and the start of a new chapter in our history," said John F. Brock, chairman and chief executive officer. "Europe represents an outstanding platform for long-term, profitable growth, as evidenced by our recently announced, increased long-term financial objectives. We have been working diligently to prepare for this day, and continue to believe that CCE has the financial flexibility, operational focus and leadership continuity to build on our success in these markets. By growing the value of our portfolio and improving operational efficiency, we will drive increased value for our shareowners, customers and employees."
"We have a skilled team that understands what it takes to win in Europe, and we welcome our new employees in Norway and Sweden to Coca-Cola Enterprises," said Hubert Patricot, executive vice president and president, European Group. "We are excited about capturing the solid growth opportunities that lie ahead in our attractive European markets."
On September 7, 2010, CCE announced updated long-term financial objectives, including the following:
• Revenue growth of 4 percent to 6 percent;
• Operating income growth of 6 percent to 8 percent;
• Earnings per share growth in a high single-digit range; and
• Return on invested capital improvement of 20 basis points or more per year.
For 2011, earnings per share will likely exceed long-term objectives as a result of anticipated share repurchase activity. CCE will provide a more detailed update for its 2011 outlook in December.
