Starbucks acquires Costa Rican Farm to expand Farmer support Project

SBUX has bought a farm in Costa Rica, the first of its kind, as the operator of the world's largest coffee chain works to expand farmer support programs and secure ethical sources of coffee beans, Beijing reported.

Howard Schultz, Starbucks chief executive, said in a statement that the acquisition of the 240ha farm would help support growers and their families, while allowing Starbucks to create new varieties of blended coffee for sale. Seattle-based Starbucks has promised to buy coffee only from ethical sources by 2015.

Starbucks, whose main sources of coffee are Nicaragua and Cameroon, has invested about $70 million in farmer support projects and loans over the past 40 years. In 2004, Starbucks opened its first farmer support center in San Jose, Costa Rica, followed by more support centers in Rwanda, Tanzania, Colombia and China.

Craig Craig Russel, senior vice president of Starbucks' global coffee business, said in an interview today that the farm employs about 70 people and "has enough land for us to experiment with new varieties of coffee". "We will not rule out the need for other similar assets in the future," he added. "

Starbucks did not disclose the exact amount of the deal. Starbucks shares fell 0.3% in the latest trading in new York on Tuesday and are up 6.2% so far this year, underperforming the broader market, while the s & p 500 is up 8.8% over the same period.

Earlier this month, MCD, the world's largest restaurant chain by sales, announced that it would invest $6.5 million over the next five years to help Guatemalan coffee growers build sustainable farms and produce more high-quality beans. McDonald's sells MaCafe brand caramel mocha coffee and seasoned coffee.

(responsible Editor: Leo)

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