Starbucks acquires Ethos Water
Commits to donate more than $1 Million to support clean water efforts.
13/04/05 Starbucks Corporation has announced its acquisition of Ethos Water, a privately held bottled water company based in Santa Monica, Calif. Additionally, the Company announced its commitment to meet Ethos Water's previously stated goal to donate $250,000 by the end of fiscal 2005, and to donate an incremental $1 million by the end of fiscal 2006, to support water projects in developing countries around the world.
Ethos Water will be available in Starbucks Company-operated stores in the U.S. 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. Ethos Water’s mission is 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.
