Costa Rica-Starbucks shells out bucks for first coffee farm – SBUX & MCD
Northern, WI 03/20/2013 (gdpinsider) – It’s a first of sorts for Starbucks Corporation (NASDAQ:SBUX) down by 0.18% to close at $56.83. The world’s largest coffee-shop operator has bought a Costa Rican coffee farm. The company has always advocated and sourced coffee beans that have been farmed in an ethical manner and with this buy wants to expand its grower-support program. This 593-acre holding in Costa Rica will help in supporting the growers who work there and their families. It will also help Starbucks Corporation (NASDAQ:SBUX) create new coffee and blends for sale said Howard Schultz the Chief Executive Officer. He has committed that by 2015 the company will only buy coffee that has been ethically sourced.
Supporting farmers in supporting themselves
Starbucks Corporation (NASDAQ:SBUX) sells reserve coffees and fair-trade blends that have been sourced from countries such as Cameroon and Nicaragua, has over the last 40 years, spent close to $70 million on farmer support loans and programs. Its first farmer support center was opened in 2004 in San Jose, Costa Rica. Since then Starbucks had opened centers in China, Tanzania, Columbia and Rwanda. The farm in Costa Rica has close to 70 employees and there is plenty of land which can be used for variety-experimentation said the senior vice president of global coffee, Craig Russell. He did not disclose the cost of the property and said that they would not rule out acquiring another one.
Early in the month, the largest restaurant chain in terms of sales, McDonald’s Corporation (NYSE:MCD) down by 0.17% to close at $98.40 said that will be investing $6.5 million over the next five years to help Guatemalan growers to produce larger quantities of high-grade beans from farms which are sustainable.