US/SWISS: Coke, Nestlé scale back tea venture
The Coca-Cola Co. is set to have more room to develop its own RTD tea brands in the US after the company said it would scale back Beverage Partners Worldwide, its venture with Nestlé.
The two companies said yesterday (27 March) that they have decided to "refocus" the venture's business.
Under a fresh agreement, Beverage Partners Worldwide will no longer cover the US and Japan. The revised deal means Coke will be free to create or buy bottled tea brands in the US.
Coca-Cola Co. and Nestlé had already scaled back their venture. Last November, the companies decided to pull green teas out of the agreement, a move that allowed Coca-Cola Co. this month to buy Fuze Beverage, which produces green teas.
The new contract will also see Nestlé license its Nestea and Enviga brands to Coca-Cola Co. in the US and to Beverage Partners Worldwide elsewhere.
Beverage Partners Worldwide, a 50:50 joint venture, was set up in 2001.
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