New Independent Coca-Cola Bottling Company Formed in Florida
25 Sep 2014 --- The Coca-Cola Company has 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
