Smucker Scoops Up Sara Lee Coffee, Tea Ops For $350M

Law360, New York (October 24, 2011, 4:25 PM EDT) -- Food and beverage giant Sara Lee Corp. will sell most of its North American coffee and tea businesses to The J.M. Smucker Co. for $350 million as part of a broader initiative to refocus its mission, the company announced Monday.

The two companies will also establish a long-term partnership to collaborate on liquid coffee technology, Sara Lee said. The deal will likely be finalized in early 2012.

In addition to the initial payment, Sara Lee will receive $50 million over the next 10 years as well...
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