Green Mountain Coffee Roasters Inc., which has a significant manufacturing presence and 500 employees in Knox County, has dodged a Starbucks bullet.
Shares of Green Mountain are up more than 7 percent in morning trading on news of an expanded partnership with Starbucks Coffee Co.
Green Mountain had seen its share price drop sharply in recent weeks after Starbucks launched its Verismo single-serve coffee system in competition with Green Mountain’s Keurig Vue single-cup machines.
However, on Wednesday the companies said they are expanding their partnership to make, market, distribute and sell Starbucks’ Vue coffee packs for use in the Keurig system, according to an Associated Press report.
Green Mountain investors breathed easier on that news. Green Mountain shares rose $3.61 to $54.31 in morning trading.
Green Mountain operates a 334,000 square-foot roasting and distribution plant at the Forks of the River Industrial Park in East Knox County.
Shares of Seattle-based Starbucks Corp. were down 10 cents to $53.63.
Click here for Green Mountain’s news release.