Earlier, Coca-Cola FEMSA
said it was laying off some employees as the higher excise taxes slapped on sugar beverages under the government's new tax law took a toll on operations.
Solid Business Portfolio: The ratings reflect the solid business portfolio of FEMSA
in the beverage and retail sectors.
9 December 2016 - Mexico-based Coca-Cola products bottler Coca-Cola FEMSA
The bottler, which gets some 7 percent of its income in Venezuela, is a joint venture between Coca-Cola and Mexico's Femsa
The Tampico purchase was the largest for Coca-Cola Femsa
since it paid $3.6 billion for Panamerican Beverages Inc.
The company delivered 280 million euros of savings under its "Total Cost Management" program, as well as 42 million in synergy savings from the FEMSA
Carlos Lomelin, CEO of Coca-Cola Femsa
, said: "Despite recent global economic volatility, our geographically balanced portfolio of franchise territories across Latin America delivered strong results for the quarter.
In January, FEMSA
announced the sale of its brewing operations to Heineken in a $5.7 billion deal that gave FEMSA
a 20 percent stake in the Dutch brewer and two seats on its board.