Coke expands in world of coffee

The Coca-Cola Co. will team up with Trieste, Italy-based illycaffè to create a joint venture that will produce a ready-to-drink coffee beverages.
Atlanta-based Coca-Cola (NYSE: KO) said specifics on brands and distribution have not yet been finalized. The final joint venture agreements will be signed by the end of the year.
"Illy is a proven leader with an uncompromising commitment to high-quality espresso coffee and a strong history of innovation with whom we are proud to partner," said Muhtar Kent president and chief operating officer of Coca-Cola. "We will be able to bring our brand building and distribution expertise together with illy's premium brand reputation. This partnership demonstrates our commitment to meeting evolving consumer demands while creating additional value for our system, our customers and our shareowners."
Coca-Cola said the ready-to-drink coffee category is worth about $10 billion globally. The ready-to-drink coffee category, excluding Japan, has grown at an average rate of 10.1 percent over the past five years.
Coke already has a coffee partnership with Caribou Coffee Co.
credited by: bizjournals.com