Sara Lee preps for publicly traded companies, sells refrigerated dough business

Sara Lee Corp. announced it has signed an agreement to sell its North American Refrigerated Dough business to Ralcorp Frozen Bakery Products Inc., a division of Ralcorp Holdings, Inc., for $545 million. The transaction is anticipated to close by the end of calendar year 2012.

In May 2011, Sara Lee Corp. announced that it was evaluating strategic options for this business, which provides a full range of private brand products including basic and specialty biscuits, crescent rolls, pizza and pie crusts and toaster pastries. These products are packaged for and sold to leading food and mass retailers.

"The sale of our North American Refrigerated Dough business to Ralcorp is another step forward for Sara Lee as we continue to prepare for our separation into two publicly-traded companies," said Marcel Smits, CEO, Sara Lee Corp. "It will better enable our North American business to focus on its branded meats and frozen desserts products and establish a platform for a strong and independent future."

Sara Lee's North American Refrigerated Dough business employs approximately 700 people and includes manufacturing facilities in Forest Park, Ga. and Carrollton, Tex. The business generated revenues in excess of $300 million in fiscal 2010.

Source: Sara Lee Corp.

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