Despite flagging soda sales, Coca-Cola Co. CEO Muhtar Kent is undaunted in his efforts to bring profits back up. His strategies involve increasing marketing spending and overhauling the company's U.S. distribution network. The company has 14 billion-dollar beverage brands under its umbrella, and soda generates about 70% of Coca-Cola's revenue.
For the first time in 13 quarters, Coca-Cola posted a decline in North America volume, as soft drink consumption continues to decline and chilly weather dampened sales. "There was a coming together of many events that usually don't come together," said CEO and Chairman Muhtar Kent, who predicted better conditions in the second half of 2013.
Japan-based Suntory Holdings plans to bid more than £1 billion to buy the Lucozade sports drink and Ribena fruit drink brands from GlaxoSmithKline. Suntory is in talks with banks about securing the funding for the bid.
Coca-Cola is planning to introduce bottles in China made partly from plant cellulose. The company believes that "in the next 10 years, China will be the fastest growing market for Coca-Cola," said David Brooks, Coca-Cola president for China and Korea. "We are committed to using PlantBottle packaging for all plastic bottles by 2020 in China."