Nestle makes big bet on America's thirst for coffee

Nestle makes big bet on America's thirst for coffee

Nestle makes big bet on America's thirst for coffee

The world's biggest coffee company, Starbucks, and food and beverage major Nestle have clinched a deal granting the latter the right to market Starbucks-branded coffee beans and capsules. He added, "With Starbucks, Nescafe and Nespresso we bring together three iconic brands in the world of coffee".

FBN's Cheryl Casone on Netsle's new deal with Starbucks.

- Starbucks and Nestle announced Monday that the companies are forming a "global coffee alliance".

Coffee is popular with millennials who have grown up with Starbucks and often seek out smaller brands.

The deal is subject to regulatory approval, and the companies say it should close this summer or early fall.

The chain's executive chairman Howard Schultz, who says his vision for Starbucks came after a trip to Milan in 1983, had originally slated the opening of the new branch in the northern Italian city for early previous year.

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As part of the deal, about 500 Starbucks employees will join Nestle but operations will remain in Seattle.

Nestle expects this business to contribute to its profit in 2019.

The agreement will strengthen Nestle's position in the United States, where it is only the No. 5 player with less than 5 percent of the market.

Starbucks shares gained 3.2 per cent in premarket trading in NY. We are delighted to have Starbucks as our partner. It said the deal would add to earnings per share by 2021.

"As mayor and as a citizen of Milan I am pleased that an worldwide company, known for its standing and reliability such as Starbucks, has chose to invest in our city, choosing the famous Post Office building as the site of its first store in Italy", said Giuseppe Sala, Milan's mayor. It sold its Tazo tea brand to Unilever for $384 million and closed underperforming Teavana retail stores.

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