Nestle in $7.1bn Starbucks coffee deal
New York, May 7: Food giant Nestle on Monday announced a $7.1 billion deal with Starbucks for the rights to sell the chains coffee, tea and food products in grocery stores and other outlets globally.
The Swiss consumer goods giant said 500 Starbucks employees would transfer over to its business but they would continue to be located in Seattle, the group's headquarters for the last 47 years.
The Nescafe and Nespresso owner would own the rights to market Starbucks' coffee, which it says generates $2 billion in annual sales, the BBC reported.
Nestle chief executive Mark Schneider, who in 2016 became the first outsider to run Nestle in almost 100 years and who is attempting to boost the company's profit through expansion, described it as a "significant step".
The company last sold its US sweets and chocolate business, including brands such as Crunch and Butterfinger, to Ferrero Group for 2.7 billion Swiss francs.
Schneider described the "global coffee alliance" with Starbucks as "a great day for coffee lovers around the world".
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Asaduddin Owaisi pays tribute to SM Syed Khalil, calls him great personality of Nawayat Community
Hyderabad: Hyderabad MP and AIMIM Chief Asaduddin Owaisi expressed his condolences on the passing of SM Syed Khalil, a prominent businessman and philanthropist from Bhatkal. In a tweet, Owaisi referred to Syed Khalil as “Khalil Bhau,” fondly acknowledging his significant contributions to the Nawayat community and his work for the poor and needy.
“My condolences to the family of SM Syed Khalil saheb. He was affectionately called as Khalil Bhau, a great personality from the Nawayat Community. He headed many social organizations and helped many poor and needy people. A great loss to the people of Bhatkal. Will miss you, Khalil Bhau,” Owaisi tweeted.
SM Syed Khalil, who passed away in Dubai early Thursday morning after a brief illness, was a respected leader in the Nawayat community and a source of pride for Bhatkal. Known for his extensive contributions to international trade, education, and social service, Khalil’s life was marked by a commitment to uplift the underprivileged and strengthen community ties.
Among his many achievements, Syed Khalil was the Founder Chairman of K&K Enterprises in Sharjah and played a pivotal role in the success of the Galadari Company in Dubai over three decades. He also served as the Chairman of Madhyama Communications Ltd., Mangalore, and was actively involved in promoting Kannada and Konkani languages and culture.
In Bhatkal, he was a guiding force behind institutions like Anjuman Hami-e-Muslimeen and Rabita Society, where he championed girls’ education and worked to improve opportunities for the community. His leadership, humility, and compassion earned him widespread respect, and his contributions extended far beyond Bhatkal, touching lives across Karnataka and beyond.
My condolences to the family of SM Syed Khalil saheb he was affectionately called as Khalil Bhau a great personality from Nawayat Community,he headed many social organisations helped many poor and needy people,great loss to the people of Bhatkal ,will miss you Khalil bhau pic.twitter.com/piHjCCRD5d
— Asaduddin Owaisi (@asadowaisi) November 21, 2024
