Starbucks acquires complete ownership of its Hawaii and Puerto Rico operations
Starbucks had owned a five percent interest in both companies, which will now be operated as wholly-owned subsidiaries.
25/01/06 Starbucks Corporation has announced that it has acquired full ownership of Coffee Partners Hawaii, the joint-venture company that operates its retail stores in Hawaii, and Cafe del Caribe, the joint-venture company that operates its retail stores in Puerto Rico. The financial terms of these acquisitions were not disclosed. Starbucks had owned a five percent interest in both companies, which will now be operated as wholly-owned subsidiaries. As of January 1, 2006, there were 54 stores with approximately 1,100 partners (employees) in Hawaii and 13 stores with approximately 300 partners in Puerto Rico.
Starbucks has been a part of the communities in Hawaii since Coffee Partners Hawaii opened the first Starbucks location in Oahu in 1996. Following its success in Hawaii, Starbucks and its Hawaii partners expanded the relationship to include Puerto Rico, opening the first store in San Juan in 2002.
Starbucks Corporation is the leading retailer, roaster and brand of specialty coffee in the world, with more than 10,500 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The Company is committed to offering the highest quality coffee and the Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business. In addition to its retail operations, the Company produces and sells bottled Frappuccino(R) coffee drinks, Starbucks DoubleShot(R) espresso drink, and a line of superpremium ice creams through its joint venture partnerships. The Company's brand portfolio provides a wide variety of consumer products -- innovative superpremium Tazo(R) teas and exceptional compact discs from Starbucks Hear Music(TM) enhance the Starbucks Experience through best-of-class products. The Seattle's Best Coffee(R) and Torrefazione Italia(R) coffee brands enable Starbucks to appeal to a broader consumer base by offering an alternative variety of coffee flavor profiles.
