The Coca-Cola bottler in Venezuela has agreed to hand over a parking lot it used as a distribution center to the government in Caracas.
The deal to turn over the land and relocate to another location has been signed by officials of Coca-Cola FEMSA de Venezuela SA and Caracas authorities. Venezuelan President Hugo Chavez had given the bottler two weeks to hand over the parking area.
Mayor Jorge Rodriguez, a Chavez ally, said Wednesday that the land in the poor neighborhood of Gramoven is needed for public housing.
He said officials reached an agreement that includes finding a similar piece of land elsewhere and helping Coca-Cola put up small warehouses like those it currently has for its trucks.