Philips to buy Italian coffee maker Saeco
Europe’s biggest espresso machine maker will be taken over by the Dutch electronics group.The Hague – Dutch electronics group Philips on Monday said it would buy Italy's Saeco, Europe's biggest espresso machine maker.
Philips "has reached a binding agreement to acquire Saeco International Group," the company said in a statement.
Financial details of the acquisition were not disclosed.
"Successful completion of this transaction is, amongst others, subject to Philips reaching a final agreement with Saeco's banks," it added.
Philips already produces the Senseo brand of coffee makers.
Saeco, which has a 30-percent share of the European market for coffee makers and also makes automatic drinks distributors, is in financial difficulty and has EUR 500 million worth of outstanding bank loans.
It had turnover of EUR 318 million in the year to March 2009 and employs 1,400 people.
AFP / Expatica