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HALF MOON BAY, Calif. - Coca-Cola Co. has agreed to buy Odwalla Inc., producer of fresh fruit and vegetable juices, dairy-free shakes and spring water, for $181 million, Odwalla said on Tuesday.
Odwalla will become a separate business unit of the Minute Maid Co., Coca-Cola's juice division, the company said.
Its current management team will remain in place, and Chief Executive Stephen Williamson will report to Don Knauss, CEO of Minute Maid Americas.
The acquisition will add to the soft drink giant's growing non-cola portfolio, which includes its recent acquisitions of Planet Java, a maker of coffee drinks, and Mad River Traders Inc., which distributes New Age teas, juices, lemonades and sodas.