After weeks of speculation, Atlanta-based Coca-Cola Co. and Cincinnati-based Procter & Gamble Co. last week officially put the kibosh on the $4 billion joint venture announced eight months ago.
The companies said in a statement issued last week that they will “independently pursue opportunities to grow their respective businesses, instead of pursuing a joint businesses for health and wellness beverages and the distribution of snacks.”
The news comes a month after the companies hinted in a Securities and Exchange Commission filing that a much smaller deal involving only distribution initiatives would be hatched. In light of recent economic developments and logistics concerns (Coke bottlers, for example, reportedly were less than thrilled about the prospect of stocking trucks with P&G products), the CPG giants agreed to completely part ways.
Originally announced last February with great media fanfare, the deal would have united Coke’s Minute Maid, Fruitopia, and Hi-C drinks with P&G’s Pringles snacks and Sunny Delight juices.
P&G now may look to sell Pringles and Sunny D, possibly in combination with its Jif and Crisco brands, according to published reports.
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