Coca-Cola Bottling to expand distribution services in US
Coca-Cola Bottling Consolidated has signed a definitive agreement with The Coca-Cola Company to expand its distribution services to Knoxville, Tennessee.
The agreement forms a part of phase II of the proposed franchise territory expansion described in the letter of intent signed by the two companies previously.
The Knoxville region is being currently served by Coca-Cola Refreshments (CCR), a wholly-owned subsidiary of Coca-Cola.
Under the terms, the company will distribute brands owned by Coca-Cola and also a few brands not owned by Coca-Cola but those being distributed in the Knoxville territory by CCR.
The transaction also covers the purchase of distribution assets and certain working capital items by the company from CCR.
Coca-Cola Consolidated chairman and CEO J. Frank Harrison III said: "We are excited about signing a definitive agreement for another phase of our previously announced transaction with The Coca-Cola Company, expanding our franchise territory.
"We look forward to serving the Knoxville community - including our customers, consumers, and new employees there."