INDIA: Tata Coffee buys US market leader
India's Tata Coffee has struck a deal to buy US coffee firm Eight O'Clock Coffee Co (EOC) for US$220m.
Tata Coffee said yesterday (25 June) that EOC was the leading player in the US coffee bean market with "significant retail distribution strength" across the Atlantic.
M H Ashraff, managing director, Tata Coffee, said: "This acquisition is a strategic fit with our growth plans and helps Tata Coffee in attaining its objective to become an international and fully integrated player in the coffee industry.
Barbara Roth, CEO of Eight O'Clock Coffee, added: "This transaction creates a beverage player that is in a unique position to tap growth opportunities in the huge coffee market in the US and globally. With the backing of the Tata Group we will be able to leverage our brand equity to capture new markets and new geographies."
Tata Coffee is a subsidiary of Tata Tea, the Indian group which snapped up the UK's Tetley Group in 2000.
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