Green Mountain Stock Surges 41 Percent On News of Starbucks Deal
Green Mountain Stock Surges 41 Percent On News of
Starbucks Deal
Shares of Green Mountain Coffee Roasters Inc. surged a staggering 41 percent on Thursday, the stock's biggest one-day jump in nearly 18 years, after the company announced a new agreement to distribute Starbucks coffees and teas for its single-serve Keurig brewing machine. Starbucks shares jumped nearly 10 percent on the news.
The two companies will team up to sell Starbucks coffee and Tazo tea in K-Cup packs at retailers across the US and Canada later this year. The K-Cup packs and the Keurig brewing system will be available at Starbucks retail locations and through each of the companies' websites by next year.
The deal with Starbucks will provide an excellent opportunity for Vermont-based Green Mountain to expand its brand to new customers through Starbucks' 11,000 locations. Green Mountain is easily the largest company in the US single-serve coffee market, which generated close to $2 billion in revenue in 2010.
Shares of Green Mountain Coffee Roasters Inc. surged a staggering 41 percent on Thursday, the stock's biggest one-day jump in nearly 18 years, after the company announced a new agreement to distribute Starbucks coffees and teas for its single-serve Keurig brewing machine. Starbucks shares jumped nearly 10 percent on the news.
The two companies will team up to sell Starbucks coffee and Tazo tea in K-Cup packs at retailers across the US and Canada later this year. The K-Cup packs and the Keurig brewing system will be available at Starbucks retail locations and through each of the companies' websites by next year.
The deal with Starbucks will provide an excellent opportunity for Vermont-based Green Mountain to expand its brand to new customers through Starbucks' 11,000 locations. Green Mountain is easily the largest company in the US single-serve coffee market, which generated close to $2 billion in revenue in 2010.
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