Coca-Cola to buy Chinese protein drinks business
Coca-Cola has agreed to buy a Chinese plant-based drinks business, renewing its push into the China market after authorities in 2009 blocked its bid for a juice company.
CocaCola said Friday it would pay about $400 million in cash to acquire Xiamen Culiangwang Beverage Technology Company, a producer of plantbased protein drinks sold in China.
"The proposed acquisition is in line with CocaCola China's strategy to continue providing a diverse range of beverage products to Chinese consumers with plantbased protein drinks representing a growing beverage category in China," the US beverage giant said in a statement.
The company's topselling products include green bean, red bean and walnut variants of plant-based protein drinks sold under the brand China Green Culiangwang, Coca-Cola said. It is based in Xiamen, Fujian province.
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