By Karolos Grohmann LAUSANNE, Switzerland (Reuters) – China Mengniu Dairy and Coca-Cola have signed a multi-year global Olympic deal as joint beverages and dairy sponsors starting from 2021 until 2032, the International Olympic Committee (IOC) said on Monday.While some reports put a $3 billion price tag on the agreement, there were no financial details available and both Coca-Cola CEO James Quincey and Mengniu Chief Executive Jeffrey Lu refused to comment on the size of the deal.Coca-Cola’s previous deal ran to 2020 and the new agreement with China’s top milk products manufacturer, which will span six Olympic Games, makes it the longest Olympic sponsor, the U.S. drinks maker having first supported the Games in 1928. “It is a substantial arrangement. It is a profound partnership,” said Quincey.”With Mengniu, we saw an opportunity to expand the dairy aspect of the beverage category. “We will be activating our own individual marketing plans, but we are pleased to be a joint partner with a well-respected dairy company that is well known to us in China.” The two companies are already working together in some aspects of their business in China. The announcement is a major boost for the IOC, strengthening its financial future as… Read full this story
- Coca-Cola records sparkling Q2 result in China
- Trade winds blowing favorably for China
- 5 things to know for July 22: Coronavirus, stimulus, protests, China, social media
- Want to make profits from coffee in China? It's actually a grind
- REVEALED: How Mark Zuckerberg has been bending Facebook's rules to allow Trump's posts since 2015 - as the social media giant deals with ad boycott crisis over 'hate speech'
- 5 things to know for July 23: Coronavirus, economy, stimulus, China, MLB
- US trade policy milks America's dairy farmers
- Breakingviews - Corona Capital: Uber, Tokyo Olympics
- Italy industry groups welcome EU-China GI trade agreement
- NBC resets focus for Tokyo while looking ahead to Beijing
China Mengniu Dairy, Coca-Cola sign Olympic deal to 2032 have 303 words, post on www.metro.us at June 24, 2019. This is cached page on Search. If you want remove this page, please contact us.