Coca-Cola FEMSA, S.A.B. de C.V.
TypePublic company
Founded1993; 29 years ago (1993)
HeadquartersMexico City, Mexico
Area served
Latin America
Key people
José Antonio Fernández Carbajal
John Santa María Otazua

Eduardo Padilla Silva
RevenueDecrease MXN$194.2 billion (2019)
Increase MXN$15.8 billion (2019)
Total assetsDecrease USD$13.3 billion (2019)

Coca-Cola FEMSA, S.A.B. de C.V., known as Coca-Cola FEMSA or KOF, is a Mexican multinational beverage company headquartered in Mexico City, Mexico. It is a subsidiary of FEMSA which owns 47.8% of its stock, with 27.8% held by wholly owned subsidiaries of The Coca-Cola Company and the remaining 25% listed publicly on the Mexican Stock Exchange (since 1993) and the New York Stock Exchange (since 1998).[1] It is the largest franchise Coca-Cola bottler in the world, the company has operations in Latin America, although its largest and most profitable market is in Mexico.[2][3]


Coca-Cola FEMSA began as a joint venture with The Coca-Cola Company in 1991 with FEMSA initially owning 51% of the stock. It started expanding its international operations in 2003 when it acquired Panamerican Beverages (Panamco), another Mexican Coca-Cola bottler with operations in Central America, Colombia, Venezuela, and Brazil. It later acquired additional bottling companies in Brazil (its second largest market) as well as the main Coca-Cola bottler in the Philippines in 2013, until 2018 when the company was then renamed to Coca-Cola Beverages Philippines.[3][4]

In 2007, Coca-Cola FEMSA acquired Jugos del Valle in a joint venture with The Coca-Cola Company.[5] In June 2008, Coca-Cola FEMSA acquired Refrigerantes Minas Gerais.[6]

In 2011, the company merged Grupo Tampico and Corporación Los Angeles.[7] Later that same year, Coca-Cola FEMSA acquired Grupo Industrias Lacteas in a joint venture with The Coca-Cola Company.[8]

Coca-Cola FEMSA merged beverage operations with Grupo Fomento Queretano in 2012.[9] In 2013, the company merged more bottling operations with Grupo Yoli as well as acquiring Brazilian companies Companhia Fluminense de Refrigerantes and Industria Brasileira de Bebidas.[10]

In 2015, Coca-Cola FEMSA opened two $500 million bottling plants in Itabirito, Brazil, and Tocancipa, Colombia.[11] The company completed its $1 billion acquisition of VONPAR in Brazil in 2016.[12] Coca-Cola and Coca-Cola FEMSA also bought the AdeS brand from Unilever in a joint venture that same year.[13]

In 2018, Coca-Cola FEMSA acquired Guatemalan bottlers ABASA and Los Volcanes as well as MONRESA in Uruguay.[14]

See also


  1. ^ "FEMSA 2020 ANNUAL REPORT".
  2. ^ "Rating Action: Moody's affirms Coca-Cola Femsa's A2 ratings; negative outlook". Moody's Investors Service. 1 April 2016.
  3. ^ a b Hitt, Michael A.; Ireland, R. Duane; Hoskisson, Robert E. (2014). Strategic Management: Concepts and Cases: Competitiveness and Globalization. p. 248. Cengage. ISBN 1285425170
  4. ^ Grosse, Robert (2015). Emerging Markets: Strategies for Competing in the Global Value Chain, pp. 171–172. Kogan Page. ISBN 0749474505
  5. ^ Lopez, Gabriela (January 20, 2007). "UPDATE 4-Coca-Cola, Mexican bottler to buy juice maker".
  7. ^ "Coca-Cola FEMSA and Grupo CIMSA Reach an Agreement to Merge Their Bottling Operations". September 19, 2011.
  8. ^ "Coca-Cola FEMSA Completes Acquisition of "Grupo Industrias Lácteas"". Central America Data. March 29, 2011.
  9. ^ "Annual Report 2012".
  10. ^ "EXHIBIT 99.1". U.S. Securities and Exchange Commission.
  11. ^ "Coca-Cola Femsa opens $500m bottling plants in Brazil and Colombia". Packaging Gateway. June 14, 2015.
  12. ^ "Coca-Cola Femsa Buys Vonpar in $1.09 Billion Wager on Brazil". Bloomberg. September 23, 2016.
  13. ^ "Coke, Coke Femsa to buy Unilever's soy beverage business". June 1, 2016.
  14. ^ "FORM 20-F". U.S. Securities and Exchange Commission.

Further reading

On Coca-Cola FEMSA's 2011 venture into the coffee vending market:

On Coca-Cola FEMSA's approach to human resource management, focusing on their operations in Colombia:

On the strategic moves undertaken by Coca-Cola FEMSA and five other Mexican firms during the Great Recession: