Philips reaches an agreement to acquire Saeco International Group S.P.A., a portfolio company of pai partners(PresseBox) (Amsterdam, the Netherlands, )
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
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.