|For Immediate Release||2 January 2023|
A major milestone on the Company's expansion into South East Asia
HONG KONG - 2nd January 2023 - Swire Coca-Cola Limited, a wholly-owned subsidiary of Swire Pacific Limited (HKSE: 00019/00087), announced today the completion of its acquisition of Coca-Cola Beverages Vietnam Limited, the Coca-Cola bottling subsidiary in Vietnam.
The transaction marks another major Swire Coca-Cola investment in South East Asia following the acquisition of Cambodia Beverage Company Limited in November 2022. As of completion of the deal, Swire Coca-Cola owns and operates three beverage production facilities, 18 production lines and six distribution centres across Vietnam with a direct and indirect workforce of over 3,500 people.
As one of the fastest growing economies in South East Asia with pre-pandemic GDP growth of over 7% per year and an increasingly urbanised franchise population of 97 million people, Vietnam is one of the most remarkable growth stories in Asia and presents significant long-term opportunity for Swire Coca-Cola.
The completion of the deal reflects the continued pursuit of Swire Coca-Cola's vision to expand its footprint into South East Asia, a dynamic and vibrant region with immense growth potential, particularly in the thriving beverage sector. The sizeable Vietnam operations complete Swire Coca-Cola's existing operations in Cambodia, which were acquired in November 2022.
"The completion of the Vietnam agreement marks another historic milestone for Swire Coca-Cola, following fast on the heels of our recent acquisition in Cambodia," said Patrick Healy, Chairman of Swire Coca-Cola. "We are delighted to step up our presence in South East Asia with our investment in Vietnam and looking forward to welcoming our new colleagues on board."
"We are thrilled to have completed the acquisition of the Coca-Cola bottling business in Vietnam. This is another very exciting moment for Swire Coca-Cola, as we dramatically expand our regional footprint to one of Asia's fastest growing economies with the completion of our second acquisition in South East Asia," said Karen So, Managing Director of Swire Coca-Cola. "New territories and more employees mean more opportunities to deliver refreshment to the world. I am eager to bring Swire's commitment to excellence to our new customers and communities."
"Swire Coca-Cola brings the expertise, capabilities and passion to further accelerate the tremendous growth of the Vietnam market. We are excited about our partnership and the journey ahead," said Claudia Lorenzo, President, ASEAN and South Pacific of The Coca-Cola Company.
About Swire Coca-Cola Limited
Swire Coca-Cola is a division of Swire Pacific Limited, a listed company on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 00019/ 00087). As the fifth largest Coca-Cola bottler in the world by volume, Swire Coca-Cola has the exclusive right to manufacture, market and distribute products of The Coca-Cola Company in 11 provinces and the Shanghai Municipality of the Chinese Mainland and in Hong Kong SAR, Taiwan Region, Cambodia, Vietnam and 13 states of the USA. Swire Coca-Cola's relationship with Coca-Cola began in 1965, with the acquisition by Swire of a majority shareholding in the Hong Kong bottling company. Swire Coca-Cola manufactures over 60 beverage brands and distributes them to a franchise population of around 880 million people.
Visit Swire Coca-Cola's website at www.swirecocacola.com.
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