Executive chairman of the board at Sara Lee Jan Bennink said in a statement: “In recent years, our North American coffee business has been Foodservice-based and largely unbranded, which is a challenge in a highly competitive marketplace. 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.”
The transaction is expected to close near the beginning of 2012, and the two companies have agreed to establish a long-term partnership on liquid coffee innovation, Sara Lee said.