Sara Lee Corp. Announces Sale of Majority of North American Foodservice Coffee Operations to The J.M. Smucker Company
24 10월 2011 - 9:00PM
UK Regulatory
TIDMSRL
Sara Lee Corp. (NYSE: SLE) today announced the sale of a
majority of its North American foodservice coffee and tea
operations to The J.M. Smucker Company for $350 million. The
transaction is expected to close near the beginning of calendar
year 2012. The two companies will also establish a long-term
partnership to collaborate on liquid coffee innovation.
"In recent years, our North American coffee business has been
Foodservice-based and largely unbranded, which is a challenge in a
highly competitive marketplace," said Jan Bennink, executive
chairman of the board, Sara Lee Corp. "Our decision to sell a major
part of this business to Smucker is an example of Sara Lee Coffee
and Tea's renewed focus on sustainable, profitable growth and part
of our mandate to create the strongest possible pure-play
company."
Bennink added, "Smucker, which owns leading U.S. coffee brand
Folgers®, and Sara Lee have also entered into a licensing agreement
to cooperatively develop liquid coffee technologies to drive
long-term growth. We look forward to working with Smucker and to
the promising future of our new pure-play coffee and tea
company."
As a result of the licensing and support agreement, Sara Lee
will receive a ten-year income stream totaling approximately $50
million, plus growth-related royalties, which will help cover its
research and development and other support expenses.
"This transaction further strengthens our position as a leading
North American coffee company," said Richard Smucker, chief
executive officer of The J.M. Smucker Company. "The addition of
liquid coffee concentrate to the Smucker portfolio aligns with our
desire to compete in all forms of coffee, adding to our roast and
ground, single serve, instant, and ready-to-drink platforms. The
innovation partnership further allows us to collaborate on new
technologies in the liquid coffee category for the foodservice
market."
The North American foodservice beverage business currently
employs approximately 690 people. In fiscal 2011, the foodservice
beverage business generated net sales of approximately $530
million, of which approximately $285 million was associated with
the assets sold to The J.M. Smucker Company. Following the
execution of the agreement, approximately 450 people will transfer
to The J.M. Smucker Company.
The company also announced that Senseo coffee in North America
will be discontinued as of March 31, 2012, with the exception of
select online channels. Sara Lee plans to sell or close the
remaining assets of the North American coffee business, and expects
to provide an update on the process before the end of calendar year
2011.
About Sara Lee Corporation
Each and every day, Sara Lee (NYSE: SLE) delights millions of
consumers and customers around the world. The company has one of
the world's best-loved and leading portfolios with its innovative
and trusted food and beverage brands, including Ball Park, Douwe
Egberts, Hillshire Farm, Jimmy Dean, Sara Lee and Senseo.
Collectively, our brands generate nearly $9 billion in annual net
sales from continuing operations. Sara Lee has approximately 20,000
employees in its continuing operations worldwide. In January, 2011,
Sara Lee Corp. announced that it will divide the company into two
pure play publicly-traded companies. One company will be focused
around the current International Coffee and Tea business, while the
other company will be focused on the North American Retail Meats
and North American Foodservice businesses. For more information on
this news, and on Sara Lee's brands, please visit
www.saralee.com.
Media:Mike Cummins, +1.630.598.8412Analysts:Melissa Napier,
+1.630.598.8739
Sara Lee Corp (LSE:SRL)
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