| FOR IMMEDIATE RELEASE | 28 May 2014 |
Swire Pacific Limited (HKSE: 00019/00087) announced today that Swire Coca-Cola USA, a subsidiary of Swire Beverages Limited, has assumed new franchise territories following a definitive agreement with The Coca-Cola Company for the expanded territory rights. The transition of territories took place smoothly, with Swire Coca-Cola USA assuming territories in the Denver and Colorado Springs markets, which border its existing territories. The granting of new territories has increased Swire Coca-Cola USA's franchise population served from 6.2 million to 10.7 million. Financial terms of the definitive agreement were not disclosed.
"We are pleased to have completed a smooth transition today with The Coca-Cola Company. Leveraging the new operating model will enable us to continue serving the needs of our consumers and customers effectively," said Jack Pelo, President & CEO, Swire Coca-Cola USA.
"The assumption of new franchise territories has significantly expanded the scale of our US business. Swire Beverages is committed to building a world-class bottling system across all the franchise territories in which we operate. We will continue to work closely with The Coca-Cola Company, leveraging our proven strengths in local marketing, distribution and customer service to serve a significantly expanded customer base," said Patrick Healy, Managing Director of Swire Beverages.
"Together with Swire, we believe a strong franchise system has always been the competitive advantage of the Coca-Cola business globally. With today's announcement, we continue to transform our U.S. business and move closer to achieving our 2020 Vision," said Sandy Douglas, Group President, Coca-Cola North America.
About Swire Beverages
Swire Beverages Limited heads a division of Swire Pacific Limited (HKSE: 00019/00087) (www.swirepacific.com). The division has the exclusive right to manufacture, market and distribute the products of The Coca-Cola Company in Hong Kong, Taiwan, seven provinces in Mainland China and an extensive area of Western USA. The relationship with Coca-Cola began in 1965, with the acquisition by Swire of the majority shareholding in the Hong Kong franchise. Swire Beverages manufactures 56 beverage brands and distributes them to a franchise population of over 440 million people.
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