Coca-Cola Expands Sparkling Water Business, Acquires Topo Chico
Coca-Cola announced Monday that they have successfully purchased Topo Chico, a sparkling water company. According to Buzzfeed, the sale price was $220 million.
Interest in the sparkling water market has increased as soda sales continue to decline and beverages like La Croix become more popular. This isn't the first bubbly beverage for the Coca-Cola brand, they also own Smartwater Sparkling and Dasani Sparkling.
Matt Hughs, Coca-Cola's Vice President of Emerging Brands, will take on the brand and help nurture Topo Chico's extensive history, which spans over a century. "It’s currently sold in Northern Mexico and in 35 states across the U.S., with approximately 70 percent of its U.S. sales coming from Texas," said Hughs in an interview with Coca-Cola Journey, "Our goal now is to extend its reach while preserving its heritage.""
The cult following behind the mildly carbonated and refreshing drink have shown some concerns that this buy-out will result in changes to the recipe or flavor of Topo Chico, but Coca-Cola has assured fans that they will continue to bottle it from the same source they've been using since 1895.