Coca-Cola FEMSA a joint venture with The Coca Cola Company in 1991 with FEMSA initially owning 51% of the stock. It started expanding its international operations in 2003 when it acquired Panoramico, another Mexican Coca-Cola bottler with operations in Central America, Colombia, Venezuela, and Brazil. It later acquired additional bottling companies in Brazil (its second largest market) as well as the main Coca-Cola bottler in the Philippines in 2013. The company reported revenues of US$ 9.6 billion for 2015. On Coca-Cola FEMSA's 2011 venture into the coffee vending market: On Coca-Cola FEMSA's approach to human resource management, focusing on their operations in
Coca-Cola formula version of Coca-Cola syrup contains kola nut extract; originally included for its caffeine content, modern Coca-Cola uses caffeine citrate produced by the decaffeination of coffee. The primary taste of Coca-Cola is thought to come from vanilla and cinnamon, with trace amounts of essential oils, and spices such as nutmeg. A 2015 study identified and measured 58 aroma compounds in common colas, confirming significant amounts of compounds corresponding to cinnamon, vanilla, nutmeg, orange and lemon essential oils in Coca Cola. During the 1980s, most U.S. Coca-Cola bottlers switched their primary sweetening ingredient from cane sugar (sucrose) to the cheaper high-fructose corn