Coke, P&G Cease Pursuit of Joint Venture

NEW YORK–Coca-Cola and Procter & Gamble announced Wednesday that they have decided not to pursue a joint business for health and wellness beverages and the distribution of snacks. Atlanta-based Coke said it previously determined that it was in the best interests of its shareholders to retain ownership of its juice brands, which would have been part of the joint venture.

In announcing the venture this past February, the companies said they hoped the alliance would result in more than $4 billion in sales. Coke was set to supply Minute Maid, Fruitopia and Hi-C beverages, while P&G would put in Pringles chips and Sunny Delight juice. Both Coke and Cincinnati-headquartered P&G said they will independently pursue opportunities to grow their respective businesses.