Sara Lee Sells Bakery Business to Grupo Bimbo
Bimbo now has rights to the North American Fresh Bakery business
Sara Lee Corp. (Downers Grove, IL) has relinquished its North American Fresh Bakery business to Grupo Bimbo (Mexico City) for $959 million, according to a news report from Bimbo Bakeries USA (BBU; Horsham, PA). The move is expected to finalize in the first half of 2011.
In acquiring North American Fresh Bakery, Grupo Bimbo receives the right to sell goods of the Sara Lee brand and other regional brands like Grandma Sycamore’s, Heiner’s, and Rainbo. In total, these brands are estimated to have made $2.1 billion in adjusted net sales in 12 months ending on October 2, 2010.
"Over the past decade, Sara Lee has built a successful portfolio with its Soft & Smooth breads, which is a perfect complement to BBU’s line of variety products," said BBU president Gary Prince. "When added to BBU's facilities, Sara Lee's bakeries provide us with a strong national network, as Sara Lee has a significant presence in the Midwest and Southeast while BBU's base is in the Northeast and Texas.”
For more details on the transaction, read BBU’s report.
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