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BUSINESS
February 15, 2006 | From Bloomberg News
Coca-Cola Co. said billionaire investor Warren Buffett, the soft-drink maker's largest shareholder, would leave the board after 17 years. Buffett wants to spend more time managing holding company Berkshire Hathaway Inc., Atlanta-based Coca-Cola said Tuesday. Berkshire holds an 8.4% stake, worth about $8 billion, and will continue as a shareholder. Buffett joined the board in 1989, and his term expires April 19.
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BUSINESS
February 15, 2006 | From Bloomberg News
Coca-Cola Co. was sued in federal court in Springfield, Mo., by 50 independent bottlers who say plans to change how Powerade sports drinks are delivered to retailers violate their agreements with the world's largest soft-drink maker. Wal-Mart Stores Inc. asked Coca-Cola and bottlers last year to deliver Powerade to its warehouses instead of to individual stores so the retailer could give the drink more shelf space and increase sales.
BUSINESS
February 8, 2006 | From Bloomberg News
Coca-Cola Co. said Tuesday that fourth-quarter profit fell 28% after it increased marketing to halt a decline in U.S. soda sales. Soda sales in the U.S. rose for the first time in almost a year after Coca-Cola boosted spending 12% to $2.29 billion. Net income dropped to $864 million, or 36 cents a share, on expenses to return overseas profit to the U.S. Excluding those costs, Coca-Cola earned 46 cents a share, exceeding analysts' average estimate by a penny.
BUSINESS
January 18, 2006 | From Associated Press
Coca-Cola Co. named company veteran Muhtar Kent president of international operations, a new position, as the world's largest beverage maker continued to centralize its leadership. Coke's chief executive, Neville Isdell, said it was premature to consider whether Kent, who would be responsible for all of the Atlanta-based company's operations outside of North America, could one day be his replacement.
BUSINESS
December 31, 2005 | From Reuters
Coca-Cola Co. on Friday said it was banned from another college campus this month when the University of Michigan halted purchases of the company's products because of concerns about the soft drink maker's labor practices in Colombia and environmental actions in India. The move by the school, which has more than 40,000 students, follows a similar ban this month by New York University, which has more than 50,000 students. The two are among Coke's largest university accounts.
BUSINESS
December 8, 2005 | From Reuters
Coca-Cola Co. backed its long-term earnings growth target and unveiled a marketing slogan that welcomes consumers to "The Coke Side of Life." Atlanta-based Coca-Cola, which has struggled for five years to boost sluggish soft drink sales and meet changing consumer tastes, said it still expected long-term growth in earnings per share in the high-single-digit range, as well as growth in operating earnings of 6% to 8%.
BUSINESS
April 23, 2005 | From Dow Jones/Associated Press
Groupe Danone said Coca-Cola Co. would take full control of a joint venture that distributes Evian, Sparkletts and Dannon bottled water in North America. Under a revised agreement, Coke would buy out the French food company's 49% interest in the venture. The price of the transaction was not disclosed.
BUSINESS
April 20, 2005 | From Bloomberg News
Pfizer Inc., the world's largest drug maker, said Tuesday that first-quarter earnings dropped 87% because of a tax charge to return overseas profit to the U.S. and costs to suspend sales of the painkiller Bextra. Net income fell to $301 million, or 4 cents a share, from $2.33 billion, or 30 cents, a year earlier, the New York-based company said. Revenue rose 5% to $13.1 billion, beating the $12.5-billion average estimate of analysts.
BUSINESS
April 19, 2005 | From Associated Press
The Justice Department has abruptly ended without taking action its nearly 2-year-old criminal investigation of allegations raised in a whistle-blower lawsuit of accounting irregularities at Coca-Cola Co., the world's biggest soft-drink maker said Monday. Separately, the Atlanta-based company said it had reached a settlement with the Securities and Exchange Commission over its business practices in Japan.
BUSINESS
April 5, 2005 | From Bloomberg News
The reelection of billionaire investor Warren E. Buffett to Coca-Cola Co.'s board should be opposed by the company's shareholders because his business ties pose a conflict, Institutional Shareholder Services, the biggest advisor to funds on proxy votes, said Monday. "We maintain our position that Mr. Buffett shouldn't serve on the audit committee due to his numerous transactional relationships with the company," ISS said in a statement.
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