The American consumer products company Sara Lee announced on June 4 that it was selling its British baked-goods business to Hibernia Foods, the Irish food company. Hibernia reported that the deal was in cash, however terms were not disclosed. The business generated US$75m in sales last year, reported The Financial Times. Last January, Sara Lee announced eight divestitures to sell non-core and under-performing assets, and this is the latest to date. Sara Lee has been gradually withdrawing from its food services, fashion and retail sectors. Sara Lee claimed that the money generated from the asset sales, which is to amount to about US$ 2.5-3.0 bn, would be used to repurchase stock and fund future acquisitions. Source: Financial Times
