This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Green Mountain Coffee Roasters, Inc. To Consolidate Its Canadian Coffee And Portion Pack Production To Its Montreal, Quebec Facility

Stocks in this article: GMCR

Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in specialty coffee and coffee makers with its innovative Keurig ® brewing technology, today announced it would consolidate all of its Canadian coffee and portion pack production to its Montreal, Quebec facility. The Company expects to cease production at its Toronto, Ontario facility by March 5, 2014 affecting a total of 120 production and production support employees, or approximately 2% of its total workforce, whose positions will be eliminated.

"As we continue to grow, we also are assessing the effectiveness of our manufacturing, distribution, and logistics network across our U.S. and Canadian locations," said Brian P. Kelley, President and CEO of GMCR. "We have expanded the footprint of our Montreal facility more than 40% this fiscal year. After careful analysis of facility-specific operational costs and the Toronto facility’s inability to expand to accommodate future growth, it was clear that consolidating our Canadian-based production to our Montreal facility is the right business decision to support our strong and growing presence in Canada. We recognize the impact that this action has on our employees and their families and intend to support them through the transition process.”

GMCR will support affected employees through the transition process by offering outplacement services.

GMCR expects a one-time pre-tax charge related to this action in its fourth quarter fiscal year 2013. The Company expects the impact of the charge will be immaterial to its fiscal year 2013 results and did not update its previously issued financial outlook.

Following closure of the Toronto facility, GMCR will manufacture all of the licensed, Keurig Brewed® K-Cup® and Vue® packs for use in its Keurig® brewers in eight facilities in the US and Canada: Castroville, California; Knoxville, Tennessee; Windsor, Virginia; Essex, Waterbury and Williston, Vermont; Sumner, Washington; and Montreal, Quebec. In addition, the Company has offices and conducts research and development for its beverages and its Keurig® Single Cup systems in Waterbury, Vermont and Burlington, Reading and Wakefield, Massachusetts with a small team operating in Asia.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs