Sara Lee completes sale of its North American Fresh Bakery business to Grupo Bimbo for US$709M, including assumption of debt
Nevin Barich
DOWNERS GROVE, Illinois
,
November 7, 2011
(press release)
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Sara Lee Corp. (NYSE:SLE - News) announced today it has completed the sale of its North American Fresh Bakery business to Grupo Bimbo S.A.B. de C.V. (BMV:BIMBO.mx - News) for $709 million, including the assumption of debt. As part of the transaction, Grupo Bimbo assumed all employee-related commitments, including pension obligations.
In Oct. 2011, Sara Lee also announced that it had agreed to sell its fresh bakery businesses in Spain and Portugal to Grupo Bimbo for €115 million in cash. This transaction is expected to close by the end of the calendar year.
About Sara Lee Corporation
Sara Lee Corp. (NYSE:SLE - News) and it's leading portfolio of food and beverage brands, including Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Pickwick Teas, Sara Lee and Senseo, generate nearly $9 billion in annual net sales from continuing operations and employ approximately 20,000 people worldwide. In January, 2011, Sara Lee Corp. announced that it will divide the company into two pure -play publicly-traded companies, one focused on the international coffee and tea market and the other on North American meats. For more information on the company, please visit www.saralee.com.
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