Virus or no virus, beverage giant Coca-Cola is sticking with China.
“We are here for the long term,” says Curt Ferguson, president of Coca-Cola Greater China and Korea.
“We’re here to invest. We’re here to build it.”
Despite the most fearsome epidemic of our times, Coca Cola sees China as its next biggest market, according to a report in CGTN.com.
Ferguson also lauds the quick and decisive action of the Chinese government in combating the coronavirus, as the company continues to invest in the country.
Coca-Cola recently reported its net revenues at US$37.3 billion in 2019, a nine-percent increase from a year before, the report said.
In its annual report, the company estimated an approximate two-to-three-point impact to unit case volume, one-to-two-point impact to organic revenue and one-to-two-penny impact to earnings per share for the first quarter, the report said.
“The situation with Covid-19 continues to evolve, and the company expects to provide more information during its next earnings call in April,” said the report.
China is Coca-Cola’s third largest market in terms of unit case volume. The company sees great opportunities in this important market and will continue to invest for long-term growth, Ferguson said.
“In getting the economy starting to grow again, we look at investing in growing our business in China. We are here for the long term. We’re here to invest. We’re here to build it. It’s going to be our next biggest business,” Ferguson told CGTN.
Meanwhile, he expressed gratitude to the first responders and the Chinese government.
“I just wanted to give our appreciation to all the first responders out there — the nurses and doctors that kept us all safe. You kept us strong.
“Thank you very much, to the government with your quick, decisive actions, once again, thank you. You’ve really controlled a worldwide epidemic and should be very much congratulated for all your hard work,” he said.
He stressed that the current difficulties will “make us stronger” in the long run, adding “on behalf of the Coca-Cola Company, we’re fully behind China. We pull this thing forward and really focus now on the growth engine, which is China and our system.”