Nestle and Coca-Cola to end their tea joint venture in 2018, says Nestle

Nestle and The Coca-Cola Company have agreed to dissolve their tea joint venture Beverage Partners Worldwide (BPW) as of the start of 2018, Nestle announced.

In a statement Nestle said, "The ready-to-drink tea market has evolved, and Nestle believes the time is right to develop Nestea independently," it said in a statement.

Nestle is granting Coca-Cola a license to manufacture and distribute Nestea in Canada, Spain, Portugal, Andorra, Romania, Hungary and Bulgaria. 

The Nestle Waters division, which manages the Nestea brand in several countries including the United States, will also manage Nestea in all European countries not concerned by the licensing agreements, it added.