US-based multinational beverage company Coca-Cola has announced that its Bottling Investments Group China (BIG) division has signed an agreement with COFCO Coca-Cola Beverages and Swire Beverages Holdings to refranchise its existing bottling operations in China.

Following the agreement, Coca-Cola’s bottling operations in China will be divided between COFCO and Swire. COFCO will own and operate 18 bottling plants, while Swire will operate 17.

The agreement is expected to generate greater value for Coca-Cola’s shareholders and create a strong global franchise system.

US-based brewery company Deschutes Brewery has announced a distribution agreement with Chesbay Distributing, part of the Reyes Beverage Group, to distribute its beer brands in the Tidewater region of Southeast Virginia, including Norfolk, Suffolk, Chesapeake, Hampton, Portsmouth, Virginia Beach, Newport News, and Williamsburg.

The agreement is expected to take effect from early January 2017.