Nestle to market Starbucks coffee
Switzerland : Nespresso maker Nestle yesterday said it has sealed a deal to market the products of US coffee giant Starbucks around the world, outside of its cafes. Swiss food giant Nestle, which also produces Nescafe instant coffee, had announced in May it would pay $7.15 billion (6.13 billion euros) for the rights to market Starbucks coffee globally.
Under the deal, some 500 Starbucks employees in the United States and Europe will join Nestle, the Swiss company said in a statement. “With Starbucks, Nescafe and Nespresso we bring together the world’s most iconic coffee brands,” Nestle CEO Mark Schneider said. “The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities,” he added.
According to the statement, the deal will significantly boost Nestle’s portfolio in North America. Bloomberg News said Nestle has struggled in the US for years.
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