The Coca-Cola Company Completes Acquisition of Chi Ltd. in Nigeria
ATLANTA--(BUSINESS WIRE)--Jan 30, 2019--The Coca-Cola Company today announced that it has completed its acquisition of Chi Ltd. in Nigeria. Coca-Cola first announced a minority investment in Chi three years ago and, as planned, has now acquired full ownership of the company.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190130005658/en/
Chi is recognized in West Africa as an innovative, fast-growing leader in expanding beverage categories, including juices, value-added dairy and iced tea. The company, founded in Lagos, Nigeria, in 1980, produces juice under the Chivita brand and value-added dairy under the Hollandia brand, among many other products. Coca-Cola acquired a 40 percent stake in Chi in 2016 from Tropical General Investments Group, the holding company for Chi Ltd. Juices and value-added dairy categories rank among the fastest-growing beverage segments in Nigeria and Africa.
This acquisition further signals Coca-Cola’s optimism about Africa’s consumer opportunity and a commitment to its long-term investment and growth plan on the continent, where it has been present for more than 90 years.
“Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa,” said Peter Njonjo, president of the West Africa business unit of Coca-Cola. “We will support the Chi management team in building on the company’s remarkable heritage and achievements, while using the scale of the Coca-Cola system to replicate their success in more markets across Africa.”
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is a total beverage company, offering over 500 brands in more than 200 countries and territories. In addition to the company’s Coca-Cola brands, our portfolio includes some of the world’s most valuable beverage brands, such as AdeS soy-based beverages, Ayataka green tea, Costa coffee, Dasani waters, Del Valle juices and nectars, Fanta, Georgia coffee, Gold Peak teas and coffees, Honest Tea, innocent smoothies and juices, Minute Maid juices, Powerade sports drinks, Simply juices, smartwater, Sprite, vitaminwater and ZICO coconut water. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We’re also working to reduce our environmental impact by replenishing water and promoting recycling. With our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at Coca-Cola Journey at www.coca-colacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.
The fairlife® brand is owned by fairlife LLC, our joint venture with Select Milk Producers Inc. Products from fairlife are distributed by our company and certain of our bottling partners.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190130005658/en/
CONTACT: Investors and Analysts:Tim Leveridge +1 404.676.7563
Media:Scott Leith +1 404.676.8768 or Clement Ugorji +234.803.978.0391
KEYWORD: UNITED STATES NORTH AMERICA NIGERIA GEORGIA AFRICA
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE
SOURCE: The Coca-Cola Company
Copyright Business Wire 2019.
PUB: 01/30/2019 01:11 PM/DISC: 01/30/2019 01:11 PM