Sara Lee Sells Shoe Care Business to SCJ

Sara Lee Sells Shoe Care Business to SCJ

Sara Lee Sells Shoe Care Business to SCJ

Sara Lee Corp. has agreed to sell its global shoe care business, including Kiwi, Kiwi Kleen, Bama, Tana and Meltonian brands, to SC Johnson for approximately $326 million

In fiscal 2009, the business generated annual sales of approximately $315 million and accounted for approximately 19% of the adjusted operating segment income for Sara Lee’s international household and body care business.

The transaction—a final piece of the company’s plan to shed its household and body care operations—is expected to close by the end of fiscal 2011 (July 2, 2011), according to Sara Lee.

"With the binding offer for our global shoe care business, we have now announced or completed transactions for substantially all of our household and body care business,” said Marcel Smits, interim chief executive officer, Sara Lee Corp. “We’re excited to get closer to bringing this process to a close as we continue to focus on our core protein and coffee businesses, while continuing to evaluate the best opportunities for value creation and investment of cash."

Sara Lee has completed the sale of its body care business to Unilever, its air care business to P&G and its stake in its Godrej Sara Lee joint venture to Godrej Consumer Products Ltd. In addition, the company has agreed to sell its White King and Janola brands to Symex Holdings Limited and its non-Indian insecticides business to SC Johnson, with the transfer of the insecticides business pending approval by the European Commission.

Sara Lee’s international household and body care business generated sales of approximately $2.0 billion in fiscal 2009.

 

 

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