Nestle pays Starbucks $7.1bn to sell its coffeeNestle has announced that it will pay Starbucks $7.1bn (£5.2bn) to sell the company's coffee into homes. The Nescafe and Nespresso owner will own the rights to market Starbucks' coffee, which it says generates $2bn in annual sales. Nestle chief executive Mark Schneider described it as a "significant step". Mr Schneider, who in 2016 became the first outsider to run Nestle in almost 100 years, is attempting to boost the company's profit through expansion. Last year, Nestle paid an estimated $425m for a 68% stake in Blue Bottle Coffee, a California-based company that sells coffee to customers online and has a number of shops in the US and Japan.

Source: VietNamNet News May 07, 2018 07:07 UTC