Posted on 03/24/2011 2:44:59 PM PDT by snowsislander
TOKYO -- The Coca-Cola Company announced today that it is establishing the Coca-Cola Japan Reconstruction Fund and raised its pledge to a total of 2.5 billion Yen (US$31 million) donations towards relief and rebuilding efforts for the victims of the Japan earthquake and tsunami over the next three years. This includes the 600 million Yen (US$7.3 million) in cash and product announced previously.
The commitment was made following a two-day visit to Tokyo by Muhtar Kent, Chairman and CEO of The Coca-Cola Company. Mr. Kent was accompanied on the trip by Company Directors Herbert A. Allen, a member of the Executive Committee, and James D. Robinson III, the Presiding Director.
"We were very keen to be here in Tokyo to understand clearly what on-the-ground support is needed for Japanese communities and our business," said Mr. Kent. "We have been deeply moved by what we have seen and heard, and impressed by the hard work and tenacity of those involved in the relief efforts. Given our nearly 60-year proud presence in Japan and our strong relationship with its people, we want to do everything we can to contribute to the rebuilding effort as we shift our focus from immediate relief efforts to reconstruction and infrastructure rebuilding in the coming weeks and months.
"Obviously there are detailed assessments yet to be completed, but our vision for the Reconstruction Fund is mainly to help with the rebuilding of schools and other community facilities that support children impacted by this tragedy. This will be done in consultation with the appropriate authorities. We will also open the Fund to enable all of our system employees globally to make contributions and we will match those contributions over and above the 2.5 billion Yen that we have pledged."
During his visit, Mr. Kent met with Coca-Cola employees in Tokyo to express his steadfast support for them and the community at large.
He also met with Mr. Norio Sueyoshi, Chairman of the Coca-Cola Association of Japanese bottlers, and other bottling partners in Japan to gain first-hand insights into the needs for the community rebuilding efforts and to review business continuity plans. Mr. Kent passed on his deep appreciation for the extraordinary efforts and diligence on the part of the Japanese bottlers and their employees. "These people have been at the forefront of the system's efforts to help with immediate relief, and have the much-needed beverages produced and on their way to the most needy regions. I congratulate them on the swift progress they have made," said Mr. Kent.
Mr. Sueyoshi said, "Amidst these unprecedented circumstances, this support of The Coca-Cola Company is truly appreciated. I am particularly concerned about the effect on children who have been impacted. I am pleased that the Reconstruction Fund will assist with education and other facilities which contribute to the next generation."
The Coca-Cola Japan Reconstruction Fund builds upon the previous contribution and relief efforts made by Coca-Cola Japan and its 12 bottling partners. That contribution includes the distribution of more than 7 million bottles of needed beverages, such as water, tea and sports drinks, to national and local government authorities and other community groups. The system has also activated free dispensing of products from selected vending machines.
I love this company. My Grandfather worked and retired from Coca Cola and I buy diet coke by the bus load. This is great news. This is what companies should be doing instead of the government giving money.
Coca-Cola is the American company that does more business in Japan than any other. Second is AFLAC. You can expect both companies to be prominent in the rebuilding effort.
Yes, and although I rarely drink soft drinks, I bought some of their products today in appreciation for their efforts.
Great to hear.
That is really nice of you and appreciated I am sure.
Liberals don't help Japan because there's no skim...
Money goes to Haiti and who knows where it goes. Money goes to Africa and right into a Swiss bank account. Money goes to liberal nonprofits and is spend on 'other' things. Money goes to Japan and it will be spend on helping citizens.
Coke generates a very large percent of it's world wide profits from sales in Japan. At one time they had something like a 80% of soft drink market share
You can thank the Japanese for that $4.99 suitcase at Wal-Mart when they go on sale
I don’t know if this information is still current, but a few years ago, Coke and AFLAC were the only two companies in Japan that could take their profits out of the country. The norm is that profits made in Japan by foreign corporations had to be re-invested in Japan. Coke and AFLAC make so much money there that there was no way for them to re-invest it all and they were given an exemption.
I didn't know that and think it's a darn good idea.
Imagine if the the House of Saud had to reinvest their US profits back in American.
That's certainly not true now, and I don't think that at any time (except maybe during the Pacific War years) were controls that strict.
Since 1980, there have been effectively no formal barriers with respect to capital going in or out of Japan, though foreign entities do have to follow some special (and sometimes downright peculiar) rules. Please see here for details.
During the 1950s and 1960s, there were indeed formal barriers to foreign investment activities, but nothing as strict as forbidding all repatriation of profits.
$31 mil. isn’t really that much when you consider that someone like Sandra Bullock is giving $1 mil. I hope Coca-Cola is sending Japan at least that much in Dasani bottled water!
Thanks for clearing that up. What I had heard may have been insurance regs about having adequate resources in country to handle contingencies.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.