Coca-Cola Bottling Co. Consolidated has ended its discussions with the Coca-Cola Co. to buy the distribution rights in and around Cleveland, Ohio, according to a filing Wednesday with the Securities and Exchange Commission.
The Charlotte-based company is the largest independent Coca-Cola bottler in the U.S. It makes, sells and distributes beverages of Coca-Cola and other partner companies in more than 300 brands across 16 states.
Coca-Cola Consolidated’s shares closed Wednesday at $238.50, down $1.58.
Coca-Cola Consolidated, which began selling Coke in bottles in Greensboro in 1902, is continuing to work toward completion of a transactions with a Coca-Cola subsidiary to expand its distribution territory and manufacturing facilities in Indiana, Illinois, Ohio, Arkansas, Tennessee and Mississippi.
The company’s CEO, J. Frank Harrison III, is the great grandson of its founder.
The company is expected to release its second-quarter earnings on Aug. 8.