Green Mountain Coffee Roasters expanding to Knoxville
Thursday June 05, 2008
Company has agreed to buy a 334,000-square-foot building in the Forks of the River Industrial Park
Fast-growing Green Mountain Coffee Roasters Inc. is coming to Knoxville.
The publicly traded Waterbury, Vt.-based company has agreed to buy a 334,000-square-foot building in the Forks of the River Industrial Park for $10.5 million, according to a filing with the Securities and Exchange Commission.
The company's total investment is expected to be around $55 million and when the East Knox County plant is fully operational it will employ about 360, Knoxville Chamber officials said.
The purchase of the property is subject to securing financing and approval by the company's board of directors.
Green Mountain sells about 100 different whole bean and ground coffee products, hot cocoa and teas. Its coffees are sold under the Green Mountain Coffee Roasters' and Newman's Own Organics brands.
In addition, Green Mountain manufactures and distributes Keurig single-cup coffee and tea brewing systems, which are marketed to home and office users. Initially, the Forks of the River plant will be used to package and distribute the so-called K-cup portion packs. In the future, Green Mountain plans to install other packaging lines and coffee bean roasting operations at the plant, according to the filing.
Founded in 1981, the company has more than 900 employees and 7,000 customers, according to its Web site, http://www.greenmountaincoffee.com/.
Green Mountain's customer base includes supermarkets, convenience stores, specialty stores, restaurants, hotels, universities, and business offices. It also sells directly to consumers.
Source: Knoxville News Sentinel
