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 are competitors to Coca-Cola in the Middle East. In Turkey, Cola Turka, in Iran and the Middle East, Zamzam Cola and Parsi Cola, in some parts of China, China Cola, in Slovenia, Cockta, and the inexpensive Mercator Cola, sold only in the country's biggest supermarket chain, Mercator, are some of the brand's competitors. Classiko Cola, made by Tiko Group, the largest manufacturing company in Madagascar, is a competitor to Coca-Cola in many regions. Coca-Cola's advertising has significantly affected American culture, and it is frequently credited with inventing the modern image of Santa Claus as an old man in a red-and-white