Starbucks Coffee Co. (SBUX) announced Tuesday that it has signed an agreement to acquire the Costa Rican farm through a subsidiary of Starbucks Coffee Trading Company. The terms of the purchase are not being disclosed and upon final closing in May, Starbucks will immediately begin evolving the location into a research and development facility.
The company noted that it is expanding the company's $70 million comprehensive ethical sourcing program with a new farming research and development center in Costa Rica. These programs are part of Starbucks ongoing billion-dollar commitment to ethically sourcing 100 percent of its coffee by 2015.
The company said it will adapt this active 240-hectarefarm located on the slopes of the Poas Volcano into a global agronomy center. The work happening on this farm will enable the company to expand its Coffee and Farming Equity practices (C.A.F.E.).
Over the past 40 years, the company has invested more than $70 million in collaborative farmer programs and activities, which include C.A.F.E. practices, farmer support centers, farmer loans and forest carbon projects.
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