US: Starbucks acquires water brand
Starbucks Corporation has acquired Ethos Water, a privately held bottled water company based in Santa Monica, California.
Ethos Water will be available in Starbucks Company-operated stores in the US later this year. The asset purchase transaction closed on April 6, 2005 and is not expected to have an impact on Starbucks previously stated financial targets. Other terms were not disclosed.
Ethos Water was founded in 2002 by two entrepreneurs, Jonathan Greenblatt and Peter Thum. The company aims to help children around the world get clean water by supporting water projects in developing countries. Ethos is currently directing funds to support water projects in Bangladesh, the Democratic Republic of Congo, Ethiopia, Honduras, India and Kenya.
Starbucks said it was commitment to meet Ethos Water's previously stated goal to donate US$250,000 by the end of fiscal 2005, and to donate an incremental US$1m by the end of fiscal 2006, to support water projects in developing countries around the world.
"Starbucks and Ethos share a deep passion to improve global communities," said Jim Donald, Starbucks president and chief executive officer. "Peter and Jonathan's values and vision for Ethos mirror the culture and values of Starbucks. We see a unique opportunity to give back by leveraging these synergies and by making an ongoing commitment to helping children around the world get clean water as a key element of Starbucks corporate social responsibility efforts."
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