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Type | Public |
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OTCQX: REED | |
Industry | Beverages, Soft Drinks |
Founded | 1989 |
Founder | Christopher J. Reed |
Headquarters | Norwalk, Connecticut |
Area served | North America |
Key people | Norman E. Snyder (CEO, Director) Christopher J. Reed (CIO, Founder) John Bello (Chairman) |
Revenue | US$33.820 Million [1] (FY 2019) |
Number of employees | 28 [1] (Dec 2019) |
Website | drinkreeds.com |
Reed's Inc. is a US-based company that manufactures soft drinks and candies. The company was founded by Christopher J. Reed in 1989. It was originally based in Los Angeles, California, but moved its headquarters to Norwalk, Connecticut, in September 2018. [2]
Reed began developing his first ginger beverage in 1987 while researching the health benefits of ginger. [3] In 1989, after two years of research and development, he began marketing the beverage in Southern California. In 1991, Reed incorporated his company under the name of Original Beverage Corporation. [4]
Original Beverage Corporation purchased the Virgil's Root Beer brand from the Crowley Beverage Company in 1999. [4] Original Beverage Corporation reincorporated as Reed's Inc on September 7, 2001, with Reed as the initial director. [5]
On October 11, 2006, Reed's Inc. became a public company. [6] As of 2018, Reed's Inc. products are sold in over 30,000 retail stores in the United States. [7] [8] The company reported $37.7 million in net sales in 2017. [9] The company's stock moved from Nasdaq to the OTC Market in 2023. [10]
In 2016, John Bello joined the board of directors as chairman. Bello is the founder and former CEO of South Beach Beverage Company, which makes teas and juices marketed under the SoBe brand name. [11]
In April 2017, Reed became the Chief Innovation Officer, a newly created position, leaving the CEO position vacant. On June 28, 2017, Valentin Stalowir, a former executive at The Coca-Cola Company, Yum! Brands, and Quaker Oats, was appointed as CEO. [12] On September 29, 2019, Reed's Inc. and Valentin Stalowir entered into a separation agreement which became effective on October 31, 2019. [13] As a result, John Bello temporarily assumed the position of CEO. [14] In March 2020 Norman E. Snyder was appointed CEO. [15]
In January 2018, Reed's Inc. put its Los Angeles manufacturing facility up for sale and plans to complete the sale by the end of the year. [7] Chris Reed managed to obtain additional financing and spun the Los Angeles facility and its contract bottling off as California Custom Beverages Inc. [16]
Reeds' Inc moved its corporate headquarters to Norwalk, Connecticut, in 2018. Reed's Inc. appointed several new executives, naming Iris Snyder as chief financial officer, Philip Trotman as director of marketing, and Beth Brown as director of supply chain and procurement. [17]
In 2013, Reed's, Inc. announced that it would be labelling all of its products as GMO-free. [18]
In 2017 and 2018, Reed's Inc. streamlined its product line from over 100 products to approximately 25, focusing on Reed's Inc. and Virgil's soft drinks. [9] Reed's Inc. soft drink line has nine varieties while its ginger candy line has two varieties. [19] Reed's Inc. products are sold in many retail outlets in the US and Canada. [20] In 2021, Reed's Inc. began selling three of its soft drinks in resealable plastic bottles. [21] Virgil's line includes thirteen varieties of soft drinks. [22]
This section relies largely or entirely on a single source .(September 2022) |
Reed's Inc. Spiced Apple Brew has won the "Outstanding Beverage Finalist" at the National Association for the Specialty Food Trade. [23] Reed's Inc. Original Ginger Brew has won the "Outstanding Beverage Finalist" from the National Association for the Specialty Food Trade [23] and the "Best Imported Food Product" from the Canadian Fancy Food Association. [23]
Reed's Inc. was selected by WholeFoods Magazine as the Runner Up Beverage Company in the Natural Choice Awards of 2010 and 2011. [24] [25]
Virgil's Root Beer won the "Outstanding Beverage" award at the International Fancy Food and Confection Show in 1994, 1996 and 1997. [23]
A soft drink is any water-based flavored drink, usually but not necessarily carbonated, and typically including added sweetener. Flavors used can be natural or artificial. The sweetener may be a sugar, high-fructose corn syrup, fruit juice, a sugar substitute, or some combination of these. Soft drinks may also contain caffeine, colorings, preservatives and other ingredients.
RC Cola is an American brand of cola formulated by Claud A. Hatcher in 1905.
Root beer is a sweet North American soft drink traditionally made using the root bark of the sassafras tree Sassafras albidum or the vine of Smilax ornata as the primary flavor. Root beer is typically, but not exclusively, non-alcoholic, caffeine-free, sweet, and carbonated. Like cola, it usually has a thick and foamy head. A common use is to add vanilla ice cream to make a root beer float.
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Canada Dry is a brand of soft drinks founded in 1904 and owned since 2008 by the American company Dr Pepper Snapple. For over 100 years, Canada Dry has been known mainly for its ginger ale, though the company also manufactures a number of other soft drinks and mixers. Although Canada Dry originated in Canada, as the brand name suggests, it is now produced in many countries such as the United States, Panama, Mexico, Chile, Costa Rica, Japan, and in a number of countries of Europe and the Middle East.
PepsiCo, Inc. is an American multinational food, snack, and beverage corporation headquartered in Harrison, New York, in the hamlet of Purchase. PepsiCo's business encompasses all aspects of the food and beverage market. It oversees the manufacturing, distribution, and marketing of its products. PepsiCo was formed in 1965 with the merger of the Pepsi-Cola Company and Frito-Lay, Inc., PepsiCo has since expanded from its namesake product Pepsi Cola to an immensely diversified range of food and beverage brands. The largest and most recent acquisition was Pioneer Foods in 2020 for US$1.7 billion and prior to it was buying the Quaker Oats Company in 2001, which added the Gatorade brand to the Pepsi portfolio and Tropicana Products in 1998.
Shasta Beverages is an American soft drink manufacturer that markets a value-priced soft drink line with a wide variety of soda flavors, as well as a few drink mixers, under the brand name Shasta. The company name is derived from Mount Shasta in northern California and the associated Shasta Springs.
Virgil's Root Beer is a brand of root beer that originated in the United States. The beverage was created in 1994 by Edward Crowley and Jill Fraser Crowley, owners of Crowley Beverage Company.
Monster Beverage Corporation is an American beverage company that manufactures energy drinks including Monster Energy, Relentless and Burn. The company was originally founded as Hansen's in 1935 in Southern California, originally selling juice products. The company renamed itself as Monster Beverage in 2012, and then sold their Hansen's juices and sodas and their other non-energy drink brands to the Coca-Cola Company in 2015.
Bundaberg Brewed Drinks Pty Ltd is an Australian family-owned business that brews non-alcoholic beverages. Based in Bundaberg, Queensland, the company exports to over 61 countries across the globe and is most known for ginger beer and other carbonated beverages.
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