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COCA-COLA BOTTLING CO. CONSOLIDATED AND THE COCA-COLA COMPANY DISCUSS JOINT VENTURE

 CHARLOTTE, N.C., Feb. 9 /PRNewswire/ -- Coca-Cola Bottling Co. Consolidated (NASDAQ-NMS: COKE) today announced that it has approached The Coca-Cola Company (NYSE: KO) and discussions have begun to establish a Joint Venture to acquire certain North and South Carolina bottling territories from Coca-Cola Bottling Co. Consolidated and The Coca-Cola Company. It is anticipated that each party would own 50 percent of the Joint Venture. The bottling territories to be acquired from The Coca- Cola Company would include Marion, S.C. and Wilmington and Goldsboro, N.C. and their affiliates. These territories were acquired by The Coca- Cola Company in the fourth quarter of 1992. The bottling assets to be acquired from Coca-Cola Bottling Co. Consolidated would come primarily from assets acquired by Consolidated in December 1991 through its acquisition of Sunbelt Coca-Cola Bottling Company, Inc. The bottling territories to be acquired from The Coca-Cola Company and Coca-Cola Bottling Co. Consolidated would be of approximately equal size and would be valued on an equivalent basis. It is anticipated that Coca-Cola Bottling Co. Consolidated would provide production and management services for the combined territories pursuant to a management agreement with the Joint Venture.
 J. Frank Harrison, III, Vice Chairman, said that the bottling territories currently owned by The Coca-Cola Company to be included in the Joint Venture would add approximately 15 percent in case sales to the territories currently operated by Coca-Cola Bottling Co. Consolidated. Harrison said the combination of these territories under one management will improve customer service and reduce overall operating costs.
 However, Harrison added that at this stage there can be no assurance that any discussions between The Coca-Cola Company and Coca-Cola Bottling Co. Consolidated will lead to a definitive agreement, or if an agreement is reached, that any transaction will be consummated. Also, any transaction would be subject to necessary corporate approval of the respective companies. The Coca-Cola Company currently has a 30 percent equity interest in Coca-Cola Bottling Co. Consolidated.
 -0- 2/9/93
 /CONTACT: Lauren C. Steele, Vice President-Corporate Affairs, Coca- Cola Bottling Co. Consolidated, 704-551-4551/
 (COKE KO)


CO: Coca-Cola Bottling Co. Consolidated; The Coca-Cola Company ST: North Carolina, South Carolina IN: FOD REA SU: JVN

MM -- CH008 -- 4746 02/09/93 14:33 EST
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Publication:PR Newswire
Date:Feb 9, 1993
Words:369
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