Coca-Cola boosts stake in Keurig Green Mountain
NEW YORK (AP) - Coca-Cola has raised its stake in Keurig Green Mountain Inc., the beverage dispenser maker, as it looks to bring its familiar drink brands to the fast-growing at-home market.
The world's biggest beverage company disclosed in a regulatory filing with the Securities and Exchange Commission on Tuesday that its subsidiary, Atlantic Industries, now has a 16 percent stake in Keurig Green Mountain.
The move comes three months after Coca-Cola Co. announced that it was buying a 10 percent stake in the company known for its single-serve coffee makers for $1.25 billion.
Atlantic initially purchased approximately 16.7 million shares in February. It now owns about 19.5 million shares of Keurig Green Mountain.
Keurig Green Mountain is in the process of developing a machine for cold drinks that is expected to debut in the company's fiscal 2015. The machine is expected to let people make sodas, sports drinks and other beverages with the touch of a button. Like its coffee machines, the cold machine would use pods to make a variety of drinks.
Atlanta-based Coca-Cola has a variety of drinks such as Sprite, Fanta and its namesake.
Keurig Green Mountain changed its name from Green Mountain Coffee Roasters Inc. in March. The Waterbury, Vermont, company's ticker remains "GMCR."
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