Philips reaches an agreement to acquire Saeco International Group S.P.A., a portfolio company of pai partners
Philips will provide additional detailed information about this proposed acquisition if and when conditions for a successful agreement have been met.
Saeco is the European leader in automatic espresso coffee machines manufacturing with a 30% market share.
Saeco designs, manufactures and distributes automatic, manual and capsule espresso coffee machines for home and professional use, both under its own brands (Saeco, Gaggia) or on behalf of third party brands (OEMs, Lavazza). Saeco also manufactures beverage and snack vending machines.
Saeco is headquartered in Gaggio Montano (BO), Italy with c. 1,400 employees.
FY2009 closed in March with estimated sales of €318m split as follows: Germany 20%, Italy 20%, rest of Europe 35% and rest of the world 25%
For further information on Saeco: www.saeco.com
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Philips Deutschland GmbH
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people's lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of "sense and simplicity". Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare.
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