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, S.A.B.
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 takeover.
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.