There are benefits to controlling the bottling systems for beverage makers, such as the ability to get new products on the shelf quicker. That's the type of advantage PepsiCo Inc. has cited for holding onto its bottling system in North America. Duane Stanford, publisher of Beverage Digest, said Coke saw the past acquisition of its bottlers as a way to get them more operating more efficiently. Until a few years ago, he noted, the company said it would keep the manufacturing portion of the business in the U.S. while refranchising distribution responsibilities. Now it plans to sell off both. "Investors like to see Coke asset-light," Stanford said. For the quarter ended Dec. 31, Coca-Cola's global sales volume dipped 1 percent, dragged down by a 4 percent drop in Latin America. Volume rose 1 percent in both North America and Europe. Coca-Cola earned $550 million, or 13 cents per share Adjusted for one-time costs and asset impairment costs, it earned 37 cents per share.