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This Day in Georgia History

August 22, 1919

Announcement on Sale of Coca-Cola

The front page headline of the Atlanta Constitution announced that the Candler family had sold The Coca-Cola Co. to the Trust Company Bank of Georgia. The article noted that the Candlers had sold the soft drink company to Trust Company for almost $30,000,000, and that the bank planned to reincorporate Coca-Cola Co. in Delaware but would keep Coca-Cola’s headquarters in Atlanta. Actually, the sale was not completed until Sept. 12, 1919, and involved a group of investors led by Trust Company president Ernest Woodruff who purchased Coca-Cola for $25,000,000. Four years later, Woodruff’s son, Robert, became president of The Coca-Cola Company and transformed the Atlanta firm into an international corporation.