Sara Lee Selling Unit to Ralcorp for $545 Million
Sara Lee will sell its North American refrigerated dough business to Ralcorp for $545 million as it moves closer to splitting itself into two separate entities, according to the Associated Press. Sara Lee Corp. has been selling off parts of itself for years and announced in January that it would split its remaining businesses in two by early 2012, with one company focused on coffee and the other largely focused on meat. The Downers Grove, Ill., company announced in May that it was shopping around its refrigerated dough business and its international bakery operations. Sara Lee is not alone in deciding that it would be more profitable to go forward as a number of smaller companies, rather than a giant single producer. With the sell-off the refrigerated dough business to Ralcorp Frozen Bakery Products Inc., Sara Lee will shed a unit that makes private label toaster pastries, crescent rolls, pizza and pie crusts and basic and specialty biscuits that are packaged and sold to retailers. The division, with plants in Forest Park, Ga., and Carrolton, Texas, has about 700 employees.