Sara Lee has received a Private Letter Ruling and is now able to provide additional details about the spin-off of its international Coffee & Tea business. The spin-off is expected to be completed by the end of June 2012. Post spin-off, the Coffee & Tea business will be domiciled as a new publicly traded company incorporated in the Netherlands.
"We are very pleased to reach this major milestone in our spin-off process and to provide our shareholders with additional news about the domiciling of the Coffee & Tea company and the payment of the $3.00 dividend," said Sara Lee Executive Chairman Jan Bennink. "With over 250 years of history, the Coffee & Tea business has solid market positions and deep roots in many European markets. Domiciling Coffee & Tea in the Netherlands allows management to be close to its key Western European markets and effectively manage its global portfolio."