Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) announced its decision to changes its name to Keurig Green Mountain, Inc to reflect its current business and goal in the future.
According to the company, its shareholders approved Keurig Green Mountain, Inc as its new business name effective immediately during its annual their annual meeting last week. It will remain trading its stock under the ticker symbol “GMCR” at the Nasdaq stock exchange.
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Symbol of strength and unity for Green Mountain
In a statement, Brian Kelly, president and chief executive officer of Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) said, “Our new name better reflects who we are as a Company today and captures our aspirations for the future.”
He pointed out that the new name of the company brings together that its strongest brands Keurig and Green Mountain Coffee into one single and powerful corporate identity. According to him, Keurig Green Mountain, Inc symbolizes the strengths of its business and the unity of its management team while reorganizing its strong heritage.
Canadian subsidiary changes name
The company also announced that the name of its subsidiary in Canada will also change from GMCR Canada Holdings, Inc to Keurig Canada Inc. effective immediately.
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) said its consumer facing brands including Keurig, Green Mountain Coffee among other will stay the same, and consumers will be able to continue purchasing their favorite products in stores and online.
According to the company, its new visual identity, just like its new name, reflects elements from its previous corporate identity and Keurig brand identity.
Last month, Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) announced the completion of its transaction with The Coca-Cola Company (NYSE:KO). The beverage giant agreed to acquire a minority stake in the specialty coffee company for $1.25 billion.
The Coca-Cola Company (NYSE:KO) now owns 16,684,139 newly issued shares of the common stock of Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR). The specialty coffee company reiterated its intention to use some of the proceeds of the transaction to repurchase shares to reduce dilution of its stock price. The company will also use a portion of the proceeds to finance its capital expenditures for its Keurig Cold beverage system over the next several years.