Coca-Cola Enterprises Completes Transaction with The Coca-Cola Company, Enhancing Its Position as Leading European Coca-Cola Bottler
Sunday, October 03, 2010
ATLANTA, Oct 03, 2010 (BUSINESS WIRE) -- Coca-Cola Enterprises, Inc. (NYSE: CCE) announced today that it has completed its transaction with The Coca-Cola Company. CCE will retain its name and operate as a new public company consisting of its existing European territories, as well as the bottling operations in Norway and Sweden acquired from The Coca-Cola Company. CCE shares will begin trading on the New York Stock Exchange on Monday, October 4, under the CCE stock symbol.
"This is a truly exciting day for everyone at CCE, and the start
of a new chapter in our history," said John F. Brock, chairman and
chief executive officer. "Europe represents an outstanding platform
for long-term, profitable growth, as evidenced by our recently
announced, increased long-term financial objectives. We have been
working diligently to prepare for this day, and continue to believe
that CCE has the financial flexibility, operational focus and
leadership continuity to build on our success in these markets. By
growing the value of our portfolio and improving operational
efficiency, we will drive increased value for our shareowners,
customers and employees."
"We have a skilled team that understands what it takes to win in
Europe, and we welcome our new employees in Norway and Sweden to
Coca-Cola Enterprises," said Hubert Patricot, executive vice
president and president, European Group. "We are excited about
capturing the solid growth opportunities that lie ahead in our
attractive European markets."
On September 7, 2010, CCE announced updated long-term financial
objectives, including the following:
• Revenue growth of 4 percent to 6 percent;
• Operating income growth of 6 percent to 8 percent;
• Earnings per share growth in a high single-digit range;
and
• Return on invested capital improvement of 20 basis points or
more per year.
For 2011, earnings per share will likely exceed long-term
objectives as a result of anticipated share repurchase activity.
CCE will provide a more detailed update for its 2011 outlook in
December.
ABOUT COCA-COLA ENTERPRISES, INC.
Coca-Cola Enterprises, Inc. is the leading Western European
marketer, distributor, and producer of bottle and can liquid
nonalcoholic refreshment and the world's third-largest independent
Coca-Cola bottler. Headquartered in Atlanta, Ga., CCE is the sole
licensed bottler for products of The Coca-Cola Company in Belgium,
continental France, Great Britain, Luxembourg, Monaco, the
Netherlands, Norway, and Sweden. For more information about our
company, please visit our website at http://www.cokecce.com.
FORWARD-LOOKING STATEMENTS
Included in this news release are forward-looking
management comments and other statements that reflect management's
current outlook for future periods. As always, these expectations
are based on currently available competitive, financial, and
economic data along with our current operating plans and are
subject to risks and uncertainties that could cause actual results
to differ materially from the results contemplated by the
forward-looking statements. The forward-looking statements in this
news release should be read in conjunction with the risks and
uncertainties discussed in our filings with the Securities and
Exchange Commission ("SEC"), including our Form S-4 registration
statement filed in connection with the transaction with The
Coca-Cola Company.
