Following its change of ownership, Coca-Cola Beverages Philippines Inc. (CCBPI) has 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.
He noted that “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.”
Following the announcement on Feb. 23, 2024 on the completed acquisition of CCEAP by Coca-Cola Europacific Partners Plc (CCEP) and Aboitiz Equity Ventures Inc. (AEV), the company has obtained approval from the Securities and Exchange Commission for the change of company name to be used effective Jan. 15, 2025.
“More than anything, this new name represents the strength of our partnership with Coca-Cola Europacific Partners. 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,” said Aboitiz Group President and CEO Sabin Aboitiz.
CCEAP — the bottling partner and official distributor of Coca-Cola products in the Philippines — operates across 18 manufacturing facilities and almost 70 distribution centers and sales offices nationwide, offering 20 brands in its beverage portfolio and employing around 9,000 Filipinos.
AEV and CCEP acquired CCBPI for $1.8 billion from The Coca-Cola Company (TCCC). Under the terms, CCEP owns 60 percent of CCBPI while AEV took the remaining 40 percent ownership.
The transaction values 100 percent of CCBPI at $1.8 billion on a debt-free, cash-free basis and the final cash consideration will be subject to cash, debt-like items and working capital adjustments at completion of the transaction.
“The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space. AEV is well-positioned to support CCBPI’s growth ambition through the synergies which could be generated from AEV’s other business interests in the country,” AEV said.
It added that “the acquisition would also build on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021.”