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Business

Updated on: Wednesday, May 29, 2019, 09:33 AM IST

Nestle pays $7.15 bn to sell Starbucks products

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Zurich : Swiss food giant Nestle said Monday that it will pay $7.15 billion in cash for the rights to market Starbucks products around the world, outside of the company’s coffee shops.

The pact gives Nestle, which owns the Nescafe and Nespresso brands, a strong platform for continued growth in North America, the company said. Nestle is focusing on coffee as a main growth area and has already made some acquisitions in the sector.

“This transaction is a significant step for our coffee business, Nestle’s largest high-growth category,” said Nestle CEO Mark Schneider.

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“Both firms have true passion for outstanding coffee and are proud to be recognised as global leaders for their responsible and sustainable coffee sourcing,” he said.

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Published on: Tuesday, May 08, 2018, 12:01 AM IST
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