Global food and drinks giants Coca Cola and Nestlé are extending a ten-year-old agreement to develop the duo’s teas, coffees and health drinks in new markets.

The extant joint venture was launched in 1991, marketing drinks such as Nescafé and Nestea Iced Tea in twenty-four countries.

The new agreement will see the creation of a new, Zurich-headquartered unit, Beverage Partners Worldwide, to take the brands into sixteen more nations, whilst developing products with what Coke called a “healthful positioning”.

Coke, which is seeking to expand its portfolio beyond fizzy drinks, is also contributing to the joint venture the two tea brands it markets in China.

News source: Wall Street Journal