David Brooks, president of Coca-Cola’s Greater China and Korea business unit, told Bloomberg earlier this week that the company plans to invest the money between 2015 and 2017 to build factories and add new products to its portfolio. The company is also investing $4 billion in China between 2012 and 2014.
The Atlanta-based company confirmed the plan Friday.
Coca-Cola has been expanding in emerging markets such as Russia and China. It aims to reach $200 billion in revenue by 2020, in part by catering to the rising middle class in emerging markets.
Shares fell a penny to $39.82 in midday trading. The stock has risen 10 percent since the beginning of the year.