Food Photos

Friday, December 02, 2005

Coffee News

Looks like Peet's roasting center is moving. Check out the press release below. Not sure how this will affect the company, but hopefully it'll mean some interesting blends of coffee. It's also a sign of the company's financial health, which is a good thing because Peet's produces pretty decent coffee overall.


Peet's Coffee and Tea, Inc. to Build New Roasting Facility in Alameda, California
Tuesday November 29, 4:00 pm ET

Company announces contract for development of new roasting facility to meet long term growth plans

EMERYVILLE, Calif., Nov. 29 /PRNewswire-FirstCall/ - Peet's Coffee & Tea, Inc. (Nasdaq: PEET - News), a specialty coffee roaster and marketer, announced today that it has selected The Waterfront at Harbor Bay Business Park in Alameda, California, as the site of its new 135,000 square foot coffee roasting and distribution facility. The new facility is intended to support the company's long term growth plans by helping to meet the growing customer demand for Peet's distinctive quality coffees and teas.

"We look forward to calling Alameda the home of our new roasting facility and making a positive contribution to the community," said Patrick O'Dea, President and Chief Executive Officer of Peet's Coffee & Tea. "We are excited to build a facility that we believe can meet our Western U.S. growth needs for the foreseeable future and feel comforted in doing so just six miles from our existing roasting plant, which will allow us to retain our dedicated Peet's employees."

Alameda Mayor Beverly Johnson said, "We welcome Peet's to our community. We're proud to add them to the growing list of companies that are choosing to locate in Alameda. Our central Bay Area location, attractive neighborhoods and quality schools support our position as a very competitive business location for a wide range of businesses."

Peet's will work in partnership with leading Bay Area developer, SRM Associates and Pacific Coast Capital Partners to develop the new roasting facility. Construction is scheduled to begin April 2006 with completion December 2006. Relocation of Peet's roasting and distribution operations to the new facility is expected to be completed by the end of March 2007. The cost of this phase of the project, which includes both land and construction related costs, is estimated at just over $17 million, with total costs once completed, of approximately $24 million.

"We are pleased to be working with Peet's to develop their new custom facility," said Joe Ernst, development manager for SRM Associates. "Peet's Bay Area roots, valuable staff and reputation for producing coffees and teas of uncompromising quality and freshness will complement the existing businesses located at The Waterfront at Harbor Bay."

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