The transaction is expected to be completed within 90 days and remains subject to consultations with works councils and regulatory clearance.
EuroDough, headquartered in France, is the leading European chilled dough player with operations in Belgium, Denmark, Italy, France, Germany, Netherlands, Portugal and Sweden. The business runs three manufacturing facilities and includes approximately 430 employees. In fiscal 2011, the business generated net sales of $184m.
Jan Bennink, executive chairman of the board, Sara Lee Corp, said: “The divestiture of the European chilled dough business in France advances Sara Lee’s announced strategy of creating two pure-play publicly traded companies poised for growth. This transaction would complete the divestment of Sara Lee’s European Bakery operations and enable our international business to focus on its core coffee and tea activities.”
Sara Lee recently closed the sale of its North American fresh bakery business. The company also has reached an agreement to sell its fresh bakery business in Spain and Portugal in a transaction expected to close by the end of the calendar year. Should the current process in France lead to a divestiture, Sara Lee is expected to have received more than $1bn in proceeds from its North American and European bakery assets.
Source: Sara Lee Corp
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