Green Mountain Coffee Roasters, Inc. (GMCR), a leader in specialty coffee and coffeemakers, today announced it has chosen Isle of Wight County, Virginia as the future home of a new manufacturing and distribution facility. The Company has agreed to purchase a 330,000 square foot building on a 64 acre parcel of land in Isle of Wight County, Virginia for $15 million, with plans to invest up to $180 million over the initial five years of the facility’s operations. Pending completion of its due diligence and finalization of incentive award agreements with the Commonwealth of Virginia and Isle of Wight County, GMCR expects to consummate the purchase in December 2011.
The Isle of Wight production facility will house coffee roasting, grinding, flavoring and packaging for GMCR’s Specialty Coffee business unit. Within five years, it’s estimated the new facility will have as many as 800 employees. GMCR has actively started to recruit for the new facility with commencement of site fit-up work planned for December 2011, pending final site due diligence.
Meanwhile Green Mountain's chart has been looking like a Red Mountain of late:
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