MEMO: SCALED BACK VENTURE FOR COCA-COLA, P&G

Coca-Cola and Procter & Gamble are scaling back their planned $4 billion joint venture that would have combined brands like Minute Maid juice and Pringles potato chips.

The companies will now focus on a smaller business to create and market new products. Coke made the announcement in a filing Tuesday with the Securities and Exchange Commission.

In February, Coke and P&G announced the venture that would result in more than $4 billion in sales. Atlanta-based Coke would contribute its Minute Maid juices, Fruitopia and Hi-C beverages, while P&G, based in Cincinnati, would have offered Pringles chips and Sunny Delight juice.

Coke executives were excited about tapping into Procter & Gamble's vast research on consumer products, while P&G would gain access to Coke's marketing and distribution resources.