US: Sara Lee completes bakery sale
Grupo Bimbo has completed its acquisition of Sara Lee's NA bakery unit
As part of the transaction, Grupo Bimbo assumed all employee-related commitments, including pension obligations and the assumption of debt, Sara Lee said.
The food and beverage company also announced that the sale of its fresh bakery businesses in Spain and Portugal to Grupo Bimbo for EUR115m (US$158.5m) announced in October is expected to close by the end of the calendar year.
A statement on Grupo Bimbo's website said the integration of the business will be reflected in Grupo Bimbo's consolidated fourth-quarter results.
Last month Daniel Servitje, the Grupo Bimbo's CEO said the group's sales will grow 27% thanks to the Sara Lee acquisitions, as well as that of Argentinian baker Compañía de Alimentos Fargo. Following completion, Grupo Bimbo will have 154 production plants, 126,200 staff, 50,300 distribution routes, and a presence in 19 countries. Some 62% of sales will come from its international markets, according to the company.
Sara Lee yesterday announced it is in talks with private equity firm Sagard over the sale of EuroDough, the company's European chilled dough business.
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Mexican baker Grupo Bimbo has indicated that first-quarter profits almost halved as higher financing costs and margin pressure hit the bottom line....
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