Pax World Funds Sells Starbucks Stock

Pax World Funds Reluctantly Divested 375,000 Starbucks Shares as a Result of Company's New Alcohol Venture

PORTSMOUTH, N.H., March 23 /PRNewswire/ -- Pax World Funds, home to the United States' first socially and environmentally responsible mutual fund, announced today that it had no choice but to divest itself of 375,000 shares of Starbucks Coffee Company worth an estimated $23.4 million(1) as a result of the giant coffee chain's decision to enter into a development and distribution deal with whiskey maker Jim Beam to sell a coffee-based alcoholic beverage.