Philips to sell share in Senseo coffee to Sara Lee

"Philips will transfer its 50% ownership right in the Senseo trademark to Sara Lee," for €170 million (US$222 million), it said in a statement. The deal was expected to be closed in the first half of 2012.

Philips and Sara Lee each own half of the rights to Senseo, created in 2001, with Philips making the popular coffee machines and Sara Lee providing the circular coffee pads through its Douwe Egberts brand.

"After the sale, Sara Lee will have full ownership rights of the brand," Philips spokesman Joost Akkermans told AFP.

Under the agreement between the two companies, Philips will continue to be the exclusive maker of Senseo machines until 2020, the statement said.

More than 33 million Senseo machines have been sold since 2001, mainly in Europe, Philips said. The company said a Senseo machine could be found in 60% of Dutch and 27% of French households.

Source: AFP