Soft drinks and food giants Coca-Cola and Procter & Gamble plan to form a stand-alone global juice and snack company.
Each company will own 50 per cent of the yet-to-be-named venture, which is expected to have annual sales of more than $4 billion. Mr Don Short of Coca-Cola was named chief executive of the new company, the firms said.
The new business unit will be a limited liability company and will have its own board of directors, composed of two executives from Coca-Cola and two from P&G.
The enterprise will focus on developing and marketing innovative juices, juice-based beverages and snacks on a global basis, the companies said.