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The Earthgrains Company.

The Earthgrains Company announced that it has entered into a merger agreement under which Sara Lee Corporation would buy Earthgrains and would assume the company's debt. Under terms of the $2.8 billion acquisition, Earthgrains would merge with Sara Lee's baking operations with the new organization, to be called the Sara Lee Bakery Group. The group would have annual revenue of approximately $3.4 billion. Earthgrains, the second-largest packaged bread and bakery manufacturer in the United States, had revenue of $2.6 billion in fiscal 2001 and is projecting revenue of $2.7 billion in fiscal 2002. The baking operations from Sara Lee would add approximately $700 million in annual revenue. The transaction is expected to be completed in 30 to 60 days.
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Title Annotation:to merge with Sara Lee Corp. baking operation
Comment:The Earthgrains Company.(to merge with Sara Lee Corp. baking operation)
Publication:Food & Drink Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 9, 2001
Words:123
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