After a year of negotiation, Coca-Cola Co. on March 25 announced the completion of its acquisition of Xiamen Culiangwang Beverage Technology Co. Ltd., a producer of plant-based protein drinks sold in China. The company is owned by Hong Kong-listed China Culiangwang Beverages Holdings Ltd. The deal was valued at approximately $400 million.
Headquartered in Xiamen, Fujian Province, Xiamen Culiangwang’s top-selling products include green bean, red bean and walnut variants of plant-based protein drinks sold under the brand China Green Culiangwang.
The acquired company became part of the Coca-Cola China system. "The … acquisition is in line with Coca-Cola China’s strategy to continue providing a diverse range of beverage products to Chinese consumers with plant-based protein drinks representing a growing beverage category in China," the parent company said.
The investment is part of Coke's three-year, $4 billion investment plan in China, on top of the $9 billion the company invested from 1979 to 2014. China is Coca-Cola’s third-largest market by volume, with the company offering 15 brands and more than 50 beverage products.
