DOWNERS GROVE, IL -- Sara Lee Corp. agreed to sell its fresh bakery businesses in Spain and Portugal to Mexico's Grupo Bimbo, the world's fourth largest food corporation and Latin America's biggest. The $154 million cash deal includes all Sara Lee bakery brands in both countries and seven manufacturing facilities. It is expected to close within 60 days.
Sara Lee said its bakery operations in Spain, which employ about 2,000 people, posted sales of $408 million in fiscal 2011.
Last year, Grupo Bimbo, which is also Latin America's largest vending operator, agreed to purchase Sara Lee's North American bakery business for $959 million. That sale is expected to close within a few weeks.
Sara Lee is in the process of splitting into two companies: an international coffee and tea business and a North American business that includes the Jimmy Dean and Hillshire Farms brands. | SEE STORY
Sara Lee has been divesting businesses over the past decade, including its household and body care and shoe care divisions, to focus on food and beverages. It is still looking to sell its bakery businesses in France and Australia.