Last updated on August 16th, 2012 at 10:17 am
The two said they instead plan to focus their ready-to-drink tea joint venture, Beverage Partners Worldwide (BPW), on Europe and Canada. In Taiwan and Hong Kong, Atlanta-based Coca-Cola will ink a license agreement with Nestlé for the Nestea brand. In all other territories, BPW will be phased out, reports the Atlanta Business Chronicle.
“Both partners believe a concentrated focus on Europe and Canada will accelerate the growth and bolster the market presence of BPW where the joint venture is most effective,” the statement says.