LONDON (Brand Republic) - Coca-Cola and Procter & Gamble have set up a new global company focused on developing and marketing juices, juice-based drinks and snacks.
The two companies will each own 50% of the new venture, which has yet to be named. A joint statement said it will take over brands such as Minute Maid, Sunny Delight, Five Alive, Fruitopia and Pringles.
The new company will have its own board of directors, composed of two executives from Coca-Cola and two from P&G. Don Short, who has worked for Coca-Cola for 24 years, will head up the company as chief executive and the rest of the management team will be named soon.
With predicted annual sales of $4bn (£2.8bn) from the launch, the enterprise will have 15 manufacturing facilities and about 6,000 employees.
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