Coca-Cola, Nestle refocus joint venture |
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Published
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Tue, 27 Mar 2007 19:09
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NEW YORK (AP) - Soft-drink maker The Coca-Cola Co. and U.K. food and beverage maker Nestle said Tuesday they will refocus their joint venture solely on the total ready-to-drink tea category and solely outside the U.S.Previously, the companies said their Beverage Partners Worldwide would develop coffee and non-black tea drinks. Now, Beverage Partners Worldwide will focus on tea and will also stop all U.S. activity.All Beverage Partners' coffee initiatives will revert to Nestle on a market-by-market basis during a transition period ending by the end of 2008.Coca-Cola and Nestle will be able to compete in the coffee market in any country after the agreement is closed.Coca-Cola has entered into a master sublicense agreement with Nestle for the Nestea and Enviga brands in the U.S.Coca-Cola and Nestle will both be able to develop or acquire additional tea brands to compete more aggressively in the U.S. tea segment, the companies said.Beverage Partners Worldwide was created in 2001. Before that, Nestle and The Coca-Cola Co. cooperated in a joint venture called Coca-Cola and Nestle Refreshments.Shares of Coca-Cola fell 15 cents on the New York Stock Exchange in afternoon trading to $47.99.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Nestle, Coca-Cola finalise beverage joint venture agreement 