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Coke adds bottled coffee
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January 12, 2001: 2:44 p.m. ET
Soft drink maker acquires New York-based P.J. Bean Co.
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NEW YORK (CNNfn) - Coca-Cola Co. will acquire the maker of Planet Java coffee in a move to expand its line of noncarbonated drinks after failing to capture the successful Gatorade brand last month.
A spokeswoman for Coca-Cola confirmed the company will buy P.J. Bean Co. of New York.
Terms of the deal were not disclosed, but Planet Java is a small company formed in 1996 and distributed only in the New York and New Jersey area. Coke said Planet Java will begin to expand to other parts of the country this year.
Planet Java President Larry Trachtenbroit and other staff will remain as consultants.
 Coke has been planning an expansion of its product lineup, and the acquisition gives the beverage maker entry into the small but growing segment of noncarbonated beverages.
"The addition of Planet Java is part of an aggressive effort to expand our line of beverages to ensure that if consumers and customers want a particular type of product, we've got it, and more importantly, that we've got the very best brand in that category," said Jeffrey T. Dunn, president of Coca-Cola North America, in a statement.
Coke suffered a blow last month when rival PepsiCo Inc. (PEP: Research, Estimates) acquired Quaker Oats and the coveted Gatorade brand, which dominates the sports drink market.
The Atlanta-based company also lost enhanced juice and tea company Sobe to Pepsi in late October.
Coca-Cola (KO: Research, Estimates) shares fell 69 cents to $56.69 in afternoon trading on the New York Stock Exchange. 
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