Sara Lee announces lower Q1 net sales, divestiture of bakery group
The company also announced that it has agreed to sell its North American Fresh Bakery business to Grupo Bimbo for $959 million. The proposed deal, which is subject to customary closing conditions and regulatory clearances, is anticipated to close in the first half of calendar year 2011. The combination of Sara Lee’s North American Fresh Bakery business with Bimbo Bakeries USA creates a leading national fresh bakery company in the United States.
“The sale of the North American Fresh Bakery business will allow us to aggressively invest in our core protein and coffee businesses. In both categories, we are a leading player, with healthy margins and a strong track record of innovation. We are actively pursuing growth here, organically and through acquisitions,” said Sara Lee Corp. interim CEO Marcel Smits.