India’s Tata Tea Limited has announced that its subsidiary, Tetley US, has signed a definitive agreement to acquire FMALI Herb Inc and Good Earth Corporation.
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Good Earth Corporation owns the Good Earth brand which is licensed to FMALI Herb Inc. Good Earth is one of the fastest growing speciality tea brands in the US, with particular strength on the West Coast. It has a 3.7% share of the US speciality tea market and a turnover in excess of US$16m.
Good Earth will continue to blend and pack teas at its base in Santa Cruz, California and Good Earth teas will continue to trade under the Good Earth brand name.
“This acquisition is an important contribution to our plans for growing the Tata Group’s tea business around the world. We believe there is real potential for growth in the speciality tea sector of the US market and elsewhere in the world. Good Earth’s strong product portfolio means it is well placed to leverage this potential. The experience and skills of Good Earth and Tetley complement each other well and will combine to create a significant new force in the US tea industry,” said Ken Pringle, executive vice chairman and chief executive officer of the Tetley Group and director of Tata Tea.
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