Coca-Cola to Invest $90m in Kenya
Coca-Cola, a leading non alcoholic beverage bottler says it plans to invest up to 90 million dollars in Kenya over three years through 2018 to increase its product range in the region.
In a statement on Tuesday in Nairobi, the company said the wider range of soft drinks in the country would begin in 2018 but did not give details of the range of products.
Coca-Cola, which is the leader in the Kenyan soda market with brands like Coke and Fanta, said it had invested a total of $17 billion in Africa since 2014, an amount that doubled what was invested in the continent a decade before.
The group, however, faces growing competition in Kenya from other soft drinks producers like SABmiller and PepsiCo
In related development, Coca-Cola reported a jump in third-quarter profits Wednesday due to lower expenses as it broadens offerings of non-cola drinks to offset sluggish demand for its namesake product in North America.
Earnings for the quarter ending September 29 came in at $1.4 billion, up 38.3 percent from the year-ago period.
Revenues fell 14.6 percent to $9.1 billion due to the re-franchising of bottling operations.
Coca-Cola said earlier this month it was acquiring Mexico’s Topo Chico sparkling mineral water brand to distribute it more widely in the US. The company also launched Dunkin’ Donuts bottled iced coffee earlier in the year.