Tata Coffee acquires Eight O'clock Coffee
Bangalore, June 29: Tata Coffee Limited has signed a definitive agreement to acquire Eight O'clock Coffee company (EOC) from Gryphon Investors in the US for a total acquisition price of 220 million Dollars.
Tata Coffee Vice-President (Finance) M D Kumar told reporters here today that EOC provided a sizeable entry platform and an established brand to Tata Coffee in the 21 billion dollars US coffee market.
''This acquisition is in line with Tata Coffee's objective to move up the value chain and become a leading and fully integrated player in the global coffee industry,'' he said.
Mr Kumar said that following this acquisition, the group would have a significant scale in markets in Asia, Europe and North America.
EOC had more than 100 years of brand history and retail coffee experience in the US, he added.