Coca-Cola to buy Chinese protein drinks business

Coca-Cola has agreed to buy a Chinese plant-based drinks business, renewing its push into the China market after authorities in 2009 blocked its bid for a juice company.

Coca­Cola said Friday it would pay about $400 million in cash to acquire Xiamen Culiangwang Beverage Technology Company, a producer of plant­based protein drinks sold in China.

"The proposed acquisition is in line with Coca­Cola China's strategy to continue providing a diverse range of beverage products to Chinese consumers with plant­based protein drinks representing a growing beverage category in China," the US beverage giant said in a statement.

The company's top­selling products include green bean, red bean and walnut variants of plant-based protein drinks sold under the brand China Green Culiangwang, Coca-Cola said. It is based in Xiamen, Fujian province.