Coca-Cola and Procter & Gamble have set up a joint venture to set up a new juice and snack firm.
Each company will own a 50% stake in the unnamed venture, which will focus on the manufacture and marketing of products on a global basis, and is expected to have annual sales of $4bn from the start
It will be headed up by Coca-Cola veteran Don Short, who becomes chief executive. A board of directors will be chosen from both companies.
The venture harnesses Coca-Cola's unrivalled worldwide distribution channels and P&G's research and development capabilities.
It will take on Coca-Cola brands such as Minute Maid, Five-Alive and Fruitopia, and P&G products such as Pringles, Sunny Delight and Punica beverages.