Green Mountain Coffee shares rise on deal
PORTLAND, Ore. (AP) — Shares of Green Mountain Coffee Roasters Inc. rose in trading Thursday after J.M. Smucker co. annouced a joint deal with the coffee maker’s single-serve coffee business.
Under the multiyear deal, Green Mountain will use Smucker’s popular coffee brands — which include Folgers and Millstone coffees — in packs that work with its single-cup Keurig brewing system. the terms of the deal were not disclosed.
The packs, called K-Cups, will start becoming available by fall.
The Keurig brewer has been a fast-growing business for Green Mountain. in its last quarter, sales of the Keurig single-cup portion packs more than doubled, while sales of its Keurig brewer and accessories rose by more than 86 percent.
Shares of Green Mountain coffee rose $2.75, more than 3 percent, to $83.87 in late afternoon trading.
Green Mountain Coffee shares rise on deal
