Coca-Cola Co plans to invest up to $90 million in Kenya over the three years through 2018 to increase its product range in the region’s biggest economy, the soft drinks maker said on Tuesday.
Coca-Cola, which is the leader in the Kenyan soda market with brands like Coke and Fanta, has committed to invest $17 billion in Africa as a whole since 2014, double what was invested in the continent a decade before, the company said.
In related development, Coca-Cola reported a jump in third-quarter profits Wednesday due to lower expenses as it broadens offerings of non-cola drinks to offset sluggish demand for its namesake product in North America.
Earnings for the quarter ending September 29 came in at $1.4 billion, up 38.3 percent from the year-ago period.
Revenues fell 14.6 percent to $9.1 billion due to the re-franchising of bottling operations.
Coca-Cola said earlier this month it was acquiring Mexico’s Topo Chico sparkling mineral water brand to distribute it more widely in the US. The company also launched Dunkin’ Donuts bottled iced coffee earlier in the year.