24.6.2004: Meldung: Starbucks Coffee Comp.: Starbucks to Acquire Operations in Singapore
Monday June 21, 5:07 am ET
SEATTLE-- June 21, 2004--Starbucks Coffee International, a wholly owned subsidiary of Starbucks Coffee Company (Nasdaq:SBUX - News), today announced that it has acquired its licensed operations in Singapore from its partner, Bonvests Holdings Limited.
"Singapore represents a strategic gateway into Southeast Asia for Starbucks," said Pedro Man, president, Starbucks Coffee Asia Pacific. "This acquisition is timely to support our growth in Singapore and the rest of Southeast Asia. Bonvests Holdings Limited has done a great job of introducing the Starbucks brand in Singapore and the Starbucks Experience to the people of this country. We are very committed to the Singapore market and are optimistic about the future of the business."
This cash purchase is expected to close by the end of June 2004. The specific terms of the agreement were not disclosed. Following the acquisition, the operating results for Singapore will be included in Starbucks reported consolidated earnings. Starbucks does not expect this acquisition to impact its financial goals for fiscal 2004.
The first Starbucks location opened in Liat Towers on December 14, 1996. There are currently 35 Starbucks stores in Singapore.
About Starbucks Coffee International
Starbucks Coffee International is a wholly owned subsidiary of Starbucks Coffee Company, the leading retailer, roaster and brand of specialty coffee in the world, with more than 7,500 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.
Starbucks Coffee Company
Katherine Cheng, 206-318-7880 or +65-6831-2233
Source: Starbucks Coffee Company