Koninklijke Philips Electronics NV announced it has agreed to extend its partnership with Sara Lee Corp. to drive growth in the global coffee market. Under a new exclusive partnership framework, which will run through 2020, Philips will be the exclusive Senseo consumer appliance manufacturer and distributor for the duration of the agreement. The extended partnership underlines the shared commitment from Philips and Sara Lee to further strengthen the Senseo brand through investment in innovation and market expansion. As part of the agreement, Philips will transfer its 50% ownership right in the Senseo trademark to Sara Lee. Under the terms of the agreement, Sara Lee will pay Philips a total consideration of EUR 170 million. The consideration for the agreement, which is expected to close in the first half of 2012, will be recorded as pre-tax earnings.