Sara Lee Corporation Agrees to Sell Its European Meats Business to Smithfield Foods, Inc.; Sara Lee continues to sharpen focus on growing large, branded positions.CHICAGO -- Sara Lee
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. Corporation (NYSE NYSE See: New York Stock Exchange :SLE SLE systemic lupus erythematosus. SLE abbr. systemic lupus erythematosus Systemic lupus erythematosus (SLE) ) announced today that it has entered into a purchase agreement for the sale of its European meats business to Smithfield Foods  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , Inc., the world's largest pork processor and hog producer, for USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 614 million - USD 575 million in cash, and the assumption of USD 39 million in pension and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. . The transaction is expected to close by the end of September 2006, pending European regulatory approval. Sara Lee will continue to consult with the works councils during the sale process. Headquartered in Hoofddorp, the Netherlands, Sara Lee's European meats operation generated USD 1.1 billion in sales in fiscal 2005, and holds its largest positions in France, Benelux and Portugal with popular European brands such as Aoste, Justin Bridou, Cochonou and Nobre. The organization employs approximately 4,500 people. "The sale of the European meats business supports our more focused business model, emphasizing large, branded positions that provide a platform for strategic growth," said Brenda C. Barnes Brenda C. Barnes is the president, chairman and chief executive of Sara Lee, and previously was the first female CEO of Sara Lee. She has been listed in Forbes power rankings of The World's 100 Most Powerful Women since 2004. , chairman and chief executive officer of Sara Lee Corporation. "As we continue to simplify our organization, we are better positioned to drive long-term, sustainable growth for Sara Lee shareholders." Based in Smithfield, Va., Smithfield Foods' collection of brands includes Smithfield, Farmland, John Morrell, Gwaltney, Patrick Cudahy, Krakus and Stefano's. Outside the United States, Smithfield owns subsidiaries in France, Poland, Romania and the United Kingdom, and operates joint ventures in Mexico and China. Smithfield employs more than 51,000 people worldwide. Company Profile Sara Lee Corporation (www.saralee.com) is a Chicago-based global manufacturer and marketer of high-quality, brand-name products for consumers throughout the world. In February 2005, the company began executing a bold and ambitious multi-year plan to transform Sara Lee into a company focused on its food, beverage, and household and body care businesses around the world. As part of its transformation plan, Sara Lee will drive growth in its key categories via such strong brands as Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Kiwi, Sanex, Senseo and its namesake, Sara Lee. |
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