Starbucks Acquires Full Ownership of Starbucks Switzerland and Austria
Full ownership of stores part of Starbucks commitment to its international business
Zurich/Vienna – Starbucks Coffee Company (NASDAQ: SBUX) today announced that it has assumed 100 percent ownership and operating control of Starbucks Coffee Switzerland and Starbucks Coffee Austria through the acquisition of its joint-venture partner Marinopoulos Holdings S.A.R.L.’s shares in Starbucks-Marinopoulos Holdings B.V. Previously, Starbucks Coffee Switzerland and Starbucks Coffee Austria were managed through a 50:50 joint venture between Starbucks Coffee International and Marinopoulos Holdings S.A.R.L.
This move is in line with Starbucks commitment to its international business as a key area for future growth. With a company-operated structure in Austria and Switzerland, Starbucks will be able to further leverage its current EMEA regional infrastructure, systems and expertise, continue to pursue thoughtful growth and deliver an unparalleled customer experience.
“We are excited about the opportunities this acquisition presents for Starbucks, our partners (employees) and our customers in these markets,” said John Culver, president, Starbucks Coffee International. “We are grateful for Marinopoulos Group’s dedication and partnership in creating and bringing the Starbucks Experience to customers in Switzerland and Austria over the past eight years and we look forward to continuing to grow the markets.”
“As we celebrate our 10th anniversary in Switzerland and Austria, this is a moment to thank our customers for their loyalty and trust and to reflect on the great work of our partners. The new ownership structure will further strengthen the positive momentum in the markets and position us for growth" said Frank Wubben, managing director, Starbucks Coffee Switzerland and Austria.
There are currently 45 stores in Switzerland and 12 in Austria operated by Starbucks, as well as one location operated by SSP in the Geneva Airport. The share purchase agreement between Starbucks Coffee International and Marinopoulos Holdings S.A.R. L. has been effective since its signing date July 7, 2011. Marinopoulos Bros S.A. will remain a valued partner with Starbucks in operating our stores in Greece, Cyprus, Bulgaria and Romania.
About Starbucks Corporation
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
About Starbucks Coffee Switzerland
Starbucks Coffee Switzerland opened its first coffeehouse 10 years ago. The store in Zurich Central was not only the first Starbucks coffeehouse in Switzerland – it was the first in mainland Europe as well. Worldwide, all Starbucks coffee houses are furnished with coffee machines manufactured by the Swiss company Thermoplan. Starbucks also chose Switzerland as the hub for its purchasing of coffee beans. Located in Lausanne, the Starbucks Coffee Trading Company is responsible for purchasing all of the coffee that is served in Starbucks around the world. Starbucks Coffee Switzerland currently operates 46 coffeehouses.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.