Coffee acquisition.

Coffee Acquisition: Farmer Bros. Co. acquired Portland-based Coffee Bean International, a privately held specialty coffee roaster. CBI has annual sales of more than $30 million and has grown over the past three years at a compounded annual rate of 21 percent. It sells its products to independent specialty coffee shops and larger chains and private-label retailers. Farmer Bros. Co. paid $22 million in cash under a stock purchase agreement with CBI's parent company, Coffee Bean Holding Co. Inc. Farmer Bros. plans to invest in the CBI business, making improvements to the roasting plant in Portland to increase capacity and production. CBI will remain in Portland as its own company with the same management and operating team. The two companies have been negotiating the acquisition for three years.