Thursday, April 1, 2010

Coca-Cola to Help Haitian Mango Juice Industry

NEW YORK - Coca-Cola Co. is teaming with some business, government and civilian partners to create a program that will boost Haiti's mango juice industry.

The $7.5 million, five-year project will try to double the incomes of the country's 25,000 mango farmers and improve their living standards, the world's biggest beverage company said Wednesday.

The Haiti Hope Project is part of an effort to support and invest in the redevelopment of Haiti following the devastating earthquake that took place in January.

Coca-Cola will invest $3.5 million in the project, with the Inter-American Development Bank also contributing an undisclosed amount. The bank is the source of long-term financing for development projects in Latin America and the Caribbean.

Proceeds from the sale of Haiti Hope Mango Lime-Aid made by Odwalla Inc., which debuted in the U.S. this month, will go toward the project. A similar drink is set to launch in Canada in early summer.

Odwalla is based in Half Moon Bay, Calif.

Coca-Cola's stock rose 38 cents to $55.25 in midday trading.

Source: BusinessWeek

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