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Coca-Cola signs letter of intent for Canadian bottling biz refranchising

Beverage company Coca-Cola Co. said March 9 that a Canadian joint venture between Heartland Coca-Cola Bottling Co. President and CEO Junior Bridgeman and Canadian businessman Larry Tanenbaum intends to acquire Coca-Cola Refreshments Canada, or CCRC.

The non-binding letter of intent initiates the final step to complete the refranchising of the company's bottling operations in North America. In October 2017, Coca-Cola completed the refranchising in the U.S.

The transaction, for which financial terms were not disclosed, is anticipated to close in the second half of 2018.

CCRC, Coca-Cola's Canadian bottling and distribution business, employs about 5,800 associates, and operates five production facilities and more than 50 sales and distribution centers.