Global beverage firm Coca-Cola has nearly completed re-franchising of its company-owned territories across the US, as it has received a new letter of intent (LOI) for a significant area of the Northeastern region.

Executives from the company's Coca-Cola Refreshments division have signed the LOI to produce and distribute products in metropolitan New York, Philadelphia, most of New Jersey, and some parts of Delaware. The LOI also covers the addition of four production facilities in the Northeastern region.

The company has agreed a deal for Liberty Coca-Cola Beverages, a new venture between former Coca-Cola Refreshments executives Paul Mulligan and Fran McGorry, to take over the bottling of its products in the region.

Both the executives are experienced veterans of the Coca-Cola system, where Mulligan serves as president of Coca-Cola Refreshments, while McGorry is president of the Tri-State Metro Operating Unit.

Mulligan said: “Becoming a Coca-Cola franchise owner is an honor and a privilege, with a responsibility and challenge we respect.”

"Becoming a Coca-Cola franchise owner is an honor and a privilege, with a responsibility and challenge we respect."

Apart from being a co-owner of Liberty Coca-Cola Beverages, McGorry will also serve as top executive in charge of the territory.

McGorry said: “I have been part of the Coca-Cola family for 30 years and we see this as a great opportunity to accelerate the business while being an integral part of the local community.”

The global beverage firm intends to complete re-franchising of its US territories by the end of this year.

Coca-Cola's North America president Alexander Douglas said: “This is a critical milestone in a journey that dates back more than a decade.

“This important bottling territory will be in great hands under the leadership of Paul and Fran. They are experienced, locally respected operators who see many growth opportunities in the Tri-State market.”