Sara Lee to sell coffee business to Segafredo Zanetti
Chicago based Sara Lee withdraws from the canned coffee business in a sale worth $82.5 million to Italy's Segafredo Zanetti.
CHICAGO (Oct. 26, 2005) – Sara Lee Corporation (NYSE: SLE) announced today that it has signed an agreement to sell its U.S. Retail Coffee business to Italy-based Segafredo Zanetti Group for $82.5 million. In February 2005, Sara Lee identified the U.S. Retail Coffee business, which manufactures and markets roast & ground and instant coffee products to retail customers throughout the United States and Canada, as a business that would be sold as part of the company’s transformation.
The transaction is expected to close by the end of December 2005, subject to regulatory approvals and other customary closing conditions. The U.S. Retail Coffee business, which generated approximately $213 million in annual sales in fiscal 2005, markets products under the Chock full o’Nuts, Hills Bros, Chase & Sanborn and MJB brands as well as various private label brands. This sale does not include Sara Lee’s global Senseo brand.
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