Sara Lee Divests from Indian JV
According to Zacks Equity Research, Sara Lee Corp. has completed the sale of its 51-percent stake in Godrej Sara Lee Joint Venture to Godrej Consumer Products Ltd. in consideration for $230 million, putting an end to the 15-year old partnership. Godrej Sara Lee will now be known as Godrej Household Products. Godrej Sara Lee has been the market leader in household insecticides such as Good Knight mosquito repellent and Hit. In fiscal 2009, the Joint Venture generated approximately $158 million in sales. Sara Lee is also selling its global body care and European detergents businesses to Unileverand its air care business to Procter & Gamble. The Unilever deal is expected to end by calendar-year 2010 and the Procter & Gamble deal is expected to close shortly after the end of the fiscal year in July. The disposal of Sara Lee’s body care, European detergents, air care and Indian insecticides business leaves only the shoe care, non-European cleaning brands, and non-Indian insecticides businesses to be sold in its divestiture plan for the entire International Household and Body Care business segment.