Coca-Cola FEMSA announced today their board has voted to exercise an option to sell their stake in Coca-Cola Philippines back to The Coca-Cola Company. The decision follows a thorough strategic review by Coca-Cola FEMSA that took into account several variables and concluded that this course of action is in the best interests of their shareholders. We respect this decision and we appreciate the progress made during Coca-Cola FEMSA’s five-year tenure in the Philippines. The market is better positioned than ever before for future success, and we are confident about the potential ahead.
Coca-Cola Philippines will be managed as part of our Bottling Investments Group (BIG), which already has extensive operations in Southeast Asia and is focused on building strong foundations for long-term success. We are very confident in both the opportunity that lies ahead and the plans that we have underway to capture the potential of this important market. We look forward to continuing our strong ties in the Philippines, where we have been in operation for over 100 years.
To all associates of Coca-Cola Philippines, thank you for all you do each and every day to serve our consumers and customers with excellence. With your continued commitment and passion, we look forward to taking the business to new heights.
To our customers, business partners and our millions of consumers in the Philippines, please know we will work relentlessly to ensure a smooth transition of our sales, distribution and manufacturing operations throughout the country.
We will share more information in the days and weeks ahead on detailed transition plans.