Philips to Acquire Saeco and Gaggia
On Monday, May 25th 2009, Philips announced that it would acquire Saeco International Group, after settling an agreement with Saeco‘s banks over Saeco’s outstanding debt. The purchase sum has not been disclosed.
Saeco is the Italian based leading espresso machines company and is controlled by PAI Partners. The company, which also makes machines under the well known Gaggia brand, produces traditional coffee machines, capsule system coffee machines, and bean to cup coffee machines. All together it has 30% of the European market, and has reportadly sold 318 million Euro over the 12 months that ended March 31.
Philips among others, holds the technology behind the Senseo coffee machines, which produce espressos using coffee pods, with a Philips coffee machine.