A joint statement issued by Coca-Cola Company and Nestlé announced that they will be

refocusing their efforts selling their soft drink known as Nestea, which is now sold as a partnership between the two companies.

By the end of the year 2012, the statement said, the emphasis of their joint venture Beverage Partners Worldwide (BPW) will be in Europe and Canada, where they hope to sell more of their ready-to-drink tea.

Coca-Cola, based in Atlanta, will sign an agreement with Nestlé for the rights to market the Nestea brand in Taiwan and Hong Kong. Everywhere else the BPW Company will be shut-down.

“Both partners believe a concentrated focus on Europe and Canada will accelerate the growth and bolster the market presence of BPW where the joint venture is most effective,” read the statement.