There are two major areas: North America and Africa. We’re very close to completing the process in the United States and anticipate closings in the coming weeks for two major territories. Reyes Holdings, which already operates Great Lakes Coca-Cola Distribution in the Midwest, is expected to close on territory in California and Nevada. Two Coca-Cola system veterans, Paul Mulligan and Fran McGorry, have formed a new bottling business, Liberty Coca-Cola. It is expected to close on territories in the Northeast, including metro New York, Philadelphia and most of the state of New Jersey.

As a result of the successful refranchising process we are about to conclude, our U.S. system is economically and strategically aligned and built to serve changing consumer needs for the next era of growth. It’s been a lot of work that has unfolded since it began in 2013, but the power of refranchising is that it puts ownership of our bottling system back into the hands of local business owners, where it best performs. We’re also diligently working on a transition for Canada.

Elsewhere in the world, we recently completed the transition of a majority stake in Coca-Cola Beverages Africa from Anheuser-Busch InBev to our company. Now we’re working toward refranchising this important bottling operation, which is also expected to be completed in 2018. We previously completed a number of refranchising efforts elsewhere in the United States, China and Europe.