Sara Lee Provides Update on Sale of Insecticides BusinessBy Sara Lee, PRNE
Thursday, May 12, 2011
DOWNERS GROVE, Illinois, May 13, 2011 - Sara Lee Corp. (NYSE: SLE) today announces the following with regard to
the anticipated sale of its Insecticides business to SC Johnson:
Due to competition concerns raised by the European Commission, the
parties have abandoned the transaction as originally notified and have
withdrawn the notification of the deal to the European Commission.
Sara Lee and SC Johnson will proceed to complete the sale of Sara Lee's
insecticides businesses to SC Johnson in markets outside the European Union
(EU), such as Malaysia, Singapore, Kenya and Russia. Sara Lee will embark on
a process to divest the insecticides businesses inside the EU, and the
parties are exploring whether or not it will be possible to transfer a
limited amount of these businesses to SC Johnson.
As previously disclosed, Sara Lee has already received nearly all of the
EUR153.5 million purchase price under the terms of the previously-announced
transaction. Under the terms of the new transaction, Sara Lee will retain the
same purchase price and will transfer the net proceeds from the European
divestitures to SC Johnson.
Sara Lee expects to complete the process of divesting its EU insecticides
businesses in the second half of calendar year 2011. The implementation of
these transactions will conclude Sara Lee's disposal of its Household and
Body Care business.
About Sara Lee Corporation
Each and every day, Sara Lee (NYSE: SLE) delights millions of consumers
and customers around the world. The company has one of the world's best-loved
and leading portfolios with its innovative and trusted food and beverage
brands, including Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Sara
Lee and Senseo. Collectively, our brands generate nearly $9 billion in annual
net sales from continuing operations. Sara Lee has approximately 20,000
employees in its continuing operations worldwide. Please visit
www.saralee.com for the latest news and in-depth information about
Sara Lee and its brands.
Media (North America): Alissa Bolton, +1-630-598-8123; Media (International): Ernesto Duran, +31-30-297-2329; Analysts: Melissa Napier, +1-630-598-8739
Tags: Downers grove, Illinois, May 13, Sara Lee, United States of America