USA Today reports that Sara Lee Corp. (SLE) is selling its North American Fresh bakery unit to baking company Grupo Bimbo for $959 million as it looks to concentrate more on its coffee and meat businesses. The maker of Jimmy Dean sausages and Sara Lee breads said Tuesday that the sale will allow it to aggressively expand other businesses through acquisitions and other means.
The transaction, which includes 41 U.S. plants, lets Sara Lee keep the right to sell Sara Lee brand frozen desserts and meat products such as sliced deli meats.
Grupo Bimbo will have rights to the Sara Lee brand in fresh baked goods globally, excluding Western Europe, Australia and New Zealand. About 13,000 employees will be transfered.
Grupo Bimbo, based in Mexico City, is the largest food company in Mexico and a major baker in the U.S. and Central Amerca. Its 2009 revenue was $8.6 billion. Its brands include Bimbo bread and Lara cookies and crackers.
Read more at: USA Today