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Sara Lee (NYSE:SLE) has purchased the Senseo brand from Philips Electronics (NYSE:PHG) for a total of $222 million. Under the agreement, Sara Lee will have full ownership of the product, but Philips will continue to manufacture the machines until 2020.
This purchase was made as Sara Lee intends to separate its coffee products and create a new publicly-traded company. Senseo has the most global reach of any coffee product now owned by Sara Lee.
Michiel Quarles van Ufford, a spokesman for Sara Lee in Utrecht, Netherlands, said in a phone interview, “We are planning to grow the Senseo brand and by owning the brand, we have better opportunities to do it.”
33 million Senseo machines have been sold since 2001. More than half of Dutch homes have a Senseo machine, and 27% of French households have one.
To contact the reporter on this story: Scott Gillette at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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