November 8, 2012 / 2:01 PM / in 5 years

Green Mountain gives details of Luigi Lavazza espresso machine

(Reuters) - Green Mountain Coffee Roasters Inc unveiled details of the long-awaited single-cup espresso machine it will launch with Italy’s Luigi Lavazza SpA, marking its entry into the espresso, cappuccino and latte brewer category.

A Green Mountain Coffee single-serve K-Cup is pictured in New York, May 3, 2012. REUTERS/Brendan McDermid

The machine, to be called Keurig Rivo Cappuccino and Latte System, will have a suggested retail price of $229.99 and will be available exclusively at select Bloomingdales stores, starting in mid-November.

Green Mountain’s machine will compete with Verismo coffee and espresso makers launched by Starbucks Corp in October.

Green Mountain, owner of the Keurig one-cup brewing system and the K-Cups that go with it, has been facing increased competition of late.

In September, certain patents governing K-Cups’ design expired, leading to the emergence of a host of lower-cost competitors, including private label brands that are producing Keurig-compatible cups without a licensing agreement with Green Mountain.

Shares of Green Mountain closed at $24.74 on the Nasdaq on Wednesday.

(Corrects paragraph 2 to say the suggested retail price of the espresso machine to $229.99, not $299.99)

Reporting By Siddharth Cavale in Bangalore and Martinne Geller in New York; Editing by Sreejiraj Eluvangal

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