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Manila Bulletin devider Business devider The Stock Market devider Coca-Cola Philippines gets new company name with Filipino partner: CCEAP

Coca-Cola Philippines gets new company name with Filipino partner: CCEAP

Published Jan 15, 2025 08:50 am

Following its change of ownership, Coca-Cola Beverages Philippines Inc. (CCBPI) has officially changed its legal name to Coca-Cola Europacific Aboitiz Philippines Inc. (CCEAP).

“Our new name signifies an exciting new phase in our journey as we reaffirm our commitment to serving our customers, supporting our people and communities, and driving long-term growth for the country,” said CCEAP President and CEO Gareth McGeown.

McGeown added, “In the 113 years that Coca-Cola has called the Philippines home, we look forward to a hundred more years of refreshing our consumers and making a difference through our Great People, Great Beverages, Great Execution, and Great Partners — Done Sustainably.”

The name change, effective Jan. 15, 2025, follows the Feb. 23, 2024 announcement of CCEAP's acquisition by Coca-Cola Europacific Partners Plc (CCEP) and Aboitiz Equity Ventures Inc. (AEV). The Securities and Exchange Commission has approved the change.

“More than anything, this new name represents the strength of our partnership with Coca-Cola Europacific Partners," said Aboitiz Group President and CEO Sabin Aboitiz. "We share a solid commitment to our customers and communities, and with this new identity, we believe we can make a much more meaningful impact.”

CCEAP, the bottling partner and official distributor of Coca-Cola products in the Philippines, operates 18 manufacturing facilities and nearly 70 distribution centers and sales offices nationwide. The company offers 20 brands in its beverage portfolio and employs approximately 9,000 Filipinos.

AEV and CCEP acquired CCBPI from The Coca-Cola Company (TCCC) for $1.8 billion. CCEP owns 60 percent of CCEAP, while AEV holds the remaining 40 percent.

The transaction valued CCBPI at $1.8 billion on a debt-free, cash-free basis. The final cash consideration was subject to adjustments for cash, debt-like items, and working capital.

“The acquisition builds on AEV’s portfolio diversification into the branded consumer goods space," AEV said. "AEV is well-positioned to support CCEAP’s growth ambition through synergies with AEV’s other business interests in the country.”

AEV added, “The acquisition also builds on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021.”

Related Tags

Gareth McGeown Sabin M. Aboitiz Aboitiz Equity Ventures Coca-Cola Beverage Philippines Inc. Coca-Cola Europacific Partners PLC Coca-Cola Europacific Aboitiz Philippines Inc.
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