The agreement includes all Sara Lee fresh bakery brands in Spain and Portugal including seven manufacturing facilities.
The transaction, which is subject to customary closing conditions and regulatory clearance, is expected to close within 60 days.
Jan Bennink, executive chairman of the board, Sara Lee, said: “The move to Grupo Bimbo is a natural next step that can benefit the Sara Lee bakery team and brands in Spain and Portugal, as they would become part of an organisation fully dedicated to the bakery category.
“Divesting the bakery businesses allows Sara Lee’s international portfolio to become simpler and more focused on coffee and tea, the categories around which we are building a leading pure-play international company.”
In fiscal 2011, Sara Lee generated net sales of $408m.
Source: Sara Lee
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