Sara Lee has agreed to sell its 51% stake in Indian household goods maker Godrej Sara Lee as it looks to increase its focus on its core food business.
The Godrej Sara Lee joint venture primarily markets insecticides, including the leading Good Knight, HIT and JET brands, sold throughout India.
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The US food group said that it will sell its stake in the business to Indian partner Godrej Consumer Products for a total of EUR185m (US$232.9m).
“This sale is the next step in our strategy to focus on our core food and beverage businesses, where we’re positioned to continue to drive strong shareholder value,” chairman and CEO Brenda Barnes commented.
The company previously announced that it has received binding offers from Unilever for its body care business and Proctor and Gamble for its hair care business. In total, Sara Lee said that it expects to generate pretax proceeds of approximately EUR1.78 from these divestures.
Sara Lee added that it has received “strong interest” for the remainder of its international household and body care unit.
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By GlobalData
