Sara Lee Corp. is selling its U.S. retail coffee business, including its Chock full o’Nuts, Hills Bros, Chase & Sanborn and MJB brands, to Italian firm Segafredo Zanetti Group for $82.5 million.
Sara Lee, based in Chicago, will keep its global Senseo brand.
The U.S. retail coffee business reports fiscal 2005 sales of about $213 million, per Sara Lee. The deal is expected to close by yearend; the proceeds will fund Sara Lee’s share repurchase program and debt reduction.
The company announced in February that it planned to sell its coffee business.
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