Drinks manufacturing and supply multinationals are far less likely to establish subsidiaries in North America than the average multinational company (MNC), according to an analysis of GlobalData’s exclusively compiled subsidiary database.

Investment Monitor’s MNC subsidiary database contains information on 2,188 of the world’s top multinationals by sales. Of these companies, 22 are in the drinks manufacturing and supply industries, representing 1% of the companies in the full database.

These drinks companies are less likely than average to establish subsidiaries in North America (17.6% versus 27.8%), and are more likely to concentrate on Central America and the Caribbean (7.1% versus 3.9%).

Overall, the 22 drinks MNCs in the database operate 3,611 subsidiaries. This comes to an average of 164.1 per company, compared with an average of 99 for the entire database of 2,188 companies.

It should be noted, however, that the number of subsidiaries is by no means evenly distributed around the beverages industry. The most common number of subsidiaries for a drinks MNC – the mode – is 84, while the median comes in at 76, indicating that the simple average is skewed heavily by the larger parent companies.

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LVMH Moët Hennessy Louis Vuitton, the luxury goods group that majority owns Moët Hennessy, has the largest number of subsidiaries among drinks manufacturing and supply MNCs within the database, with 1,051. This means the France-based group ranks ninth when measured by the total number of subsidiaries.

LVMH Moët Hennessy Louis Vuitton has 1,051 subsidiaries, with 45% based in western Europe. (Photo by Zoltan LeClerc/Getty Images For SOBEWFF)

Where does LVMH Moët Hennessy Louis Vuitton operate subsidiaries?

LVMH’s subsidiaries are distributed across the world, with 45% located in western Europe. A total of 159 are located in the company’s home country of France, while the US is the second most popular market, with 107.

After LVMH, PepsiCo has the second-largest number of subsidiaries among drinks MNCs, with 550. Nestle is third with 345 and Danone fourth with 339.

Overall, 755 of the subsidiaries owned by drinks MNCs in the database are located in the same country as the parent’s headquarters. This means that MNCs in the industry are less likely than average to have a preference for domestic subsidiaries at 20.9%, with the figure for the entire database standing at 45.7%.


GlobalData has compiled a list of top MNCs based on revenue. Any top companies without subsidiaries were removed from the list. The latest annual reports (2019 and 2020, where available) and websites were analysed for a total of 2,188 companies.

For a subsidiary to be included, the parent has to have majority ownership/control. Affiliates, associates, joint operations and joint ventures were included, provided the ownership criteria was met. Subsidiary information was captured at a country level. Country names were standardised. In total, 216,898 subsidiaries were captured.

This article originally appeared in Just Drinks.