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Nestle in $7.1bn Starbucks coffee deal
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IANS | 08 May, 2018
Food giant Nestle on Monday announced a $7.1 billion deal with Starbucks
for the rights to sell the chains coffee, tea and food products in
grocery stores and other outlets globally.
The Swiss consumer
goods giant said 500 Starbucks employees would transfer over to its
business but they would continue to be located in Seattle, the group's
headquarters for the last 47 years.
The Nescafe and Nespresso
owner would own the rights to market Starbucks' coffee, which it says
generates $2 billion in annual sales, the BBC reported.
Nestle
chief executive Mark Schneider, who in 2016 became the first outsider to
run Nestle in almost 100 years and who is attempting to boost the
company's profit through expansion, described it as a "significant
step".
The company last sold its US sweets and chocolate
business, including brands such as Crunch and Butterfinger, to Ferrero
Group for 2.7 billion Swiss francs.
Schneider described the "global coffee alliance" with Starbucks as "a great day for coffee lovers around the world".
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