Sara Lee Corp. announced it has completed the sale of the majority of its North American Foodservice coffee and tea operations to The J.M. Smucker Co. in an all-cash transaction. The two companies have also entered into a licensing and support agreement to cooperatively develop liquid coffee technologies to drive long-term growth. The sale was originally announced in Oct., 2011.
“The sale of a major part of our North American coffee business to Smucker is the latest example of CoffeeCo’s focus on creating the strongest possible pure-play company,” said Jan Bennink, executive chairman of the board, Sara Lee Corp. in a prepared statement. “We look forward to working with Smucker and to the promising future of our new independent coffee and tea company."