(MENAFN) Coca-Cola agreed to acquire a Chinese plant-based drinks business, renewing its push into the Chinese market after authorities blocked its bid for a juice company in 2009, AFP reported.
Coca"Cola said it would pay about USD400 million in cash to acquire Xiamen Culiangwang Beverage Technology Company, a producer of plant"based protein drinks sold in China.
The Atlanta-based Coca-Cola has been moving beyond carbonated beverages and bottled water into coffee, with Keurig Green Mountain and energy drinks. In 2009, Chinese authorities blocked its plan to buy Huiyuan Juice.
"The proposed acquisition is in line with Coca"Cola China's strategy to continue providing a diverse range of beverage products to Chinese consumers," the US beverage giant said in a statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.