P.M. BRIEFING : Nestle, Coke Plan Joint Venture
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VEVEY, Switzerland — The world’s biggest food company, Nestle SA, and the largest soft-drink concern, Coca-Cola Co., have signed a deal to set up a joint venture in beverages, the companies said today.
The statement said the two multinationals would be equal partners in the new company, which would manufacture and market bases and concentrates for the production of coffee and tea drinks.
The statement issued by Nestle’s Swiss headquarters said the new company would likely have an initial capitalization of $100 million, equally contributed by the founders.
It said the company would market its products under the brand names Nescafe and Nestea throughout the world, with the exception of Japan.
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