Sara Lee (SLE) to Sell Majority of NA Foodservice Coffee & Tea to JM Smucker (SJM) for $350M
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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 (NYSE: SJM) 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.
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.
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.
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.
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