also denied that it used paramilitary groups to terrorize trade unionists, and it said that its lawyers were considering whether the charges were defamatory.
The absorption of Panamco
has effectively doubled KOF's sales and operating performance.
step in to take control of Pepsi-Gemex, only for Coca-Cola Femsa to go one better and buy out Panamco
at the beginning of 2003, thereby creating the region's largest Coca-Cola distributor.
Coca-Cola Femsa, a unit of Fomento Economico Mexicano SA de CV, said Panamco
Class A shareholders will receive a 1.
Since 2003, the year it acquired Brazilian Coke bottler Panamco
, Coca-Cola FEMSA has reportedly invested a total of US$1.
Abilio brings global senior level Human Resources experience in world-class companies including Proctor and Gamble, PepsiCo and Panamco
Over the past 8 years, Panamco
has developed its water business under its own Risco brand, with volumes in 2001 reaching 168 million unit cases and revenues for this segment reaching $104 million.
The Coca-Cola Company received new Coca-Cola FEMSA shares in exchange for all Panamco
shares previously held by the Company and, as a result, the Company's ownership interest in Coca-Cola FEMSA increased from 30 percent to 39.
According to the LATIN TRADE Consensus Forecast, FEMSA's income will rise by more than 80% in 2003 on the Panamco
purchase and more than 16% in 2004.
For Atlanta-based Coca-Cola's main bottlers in Mexico--Coca-Cola Femsa (KOF), Panamco
Mexico and Contar--Pepsi remains a very distant second in customer preference.
The first time since the acquisition of Panamco
that the operations outside of Mexico represented almost half of the operating income.
In connection with the acquisition of Panamco
in May of 2003, Coca-Cola FEMSA restated the value of certain assets of Panamco
to fair market value in light of the challenging economic conditions in Venezuela and the streamlining of Panamco
's operations as part of the acquisition, including the closing of certain facilities.