Philips 2009 Annual Report Download - page 29

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2 Our strategy in action 2.4 - 2.4
Philips Annual Report 2009 29
Wide awake and smelling the
coffee!
Saeco acquisition allows Philips to
expand in the high-growth, high-margin
espresso machine market with a strong
range of products.
In July 2009 we closed the acquisition of Saeco International Group S.p.A. of
Italy, one of the world’s leading espresso machine makers. The espresso
machine segment is generally regarded as the most valuable market space within
the global coffee appliances market, as it typically achieves double-digit sales
growth and profit margins.
The acquisition of Saeco has significantly boosted Philips’ coffee machines
business, which already held a leading position in drip-filter and single-serve
(Senseo) products, by adding an exciting and technologically advanced range of
espresso-making solutions.
“Through this acquisition, we are creating a new, dynamic market leader in
coffee machines with excellent growth prospects for the future,” commented
Andrea Ragnetti, CEO of Philips Consumer Lifestyle. “The enjoyment of quality
coffee, along with the pleasant and positive experience this can create for
consumers, ties this acquisition to the very heart of Philips’ strategy to become
the leading company in Health and Well-being. At the same time, the acquisition
of Saeco is a real step forward in further positioning the Consumer Lifestyle
sector for the future.”