NEW YORK (AP) — Soft drink maker Coca-Cola Co. and Italian coffee maker illycaffe Spa said Monday they signed a memorandum of understanding to form a global joint venture to make and distribute ready-to-drink coffee beverages.
Financial terms were undisclosed. The companies said specifics and on brands and distribution have not yet been completed and final joint-venture agreements are expected to be signed by the end of the year.
The global ready-to-drink coffee category is valued at just under $10 billion and has grown at an average rate of 10.1 percent in the past five years, excluding Japan, according to the companies.
