Sara Lee selling air care business to P.&G.
DOWNERS GROVE, ILL. — In a move that will further tighten the company’s focus on its core food and beverage business, Sara Lee Corp. on Dec. 11 said it has received a binding offer of €320 million ($472 million) for its air care business from The Procter & Gamble Co. The business, with annual sales of €209 million in fiscal 2009 (ended June 27), accounted for about 11% of the adjusted operating income of the company’s International Household and Body Care business. Sara Lee said it has accepted the binding offer "where permissible" and predicted the transaction would close before the end of the current fiscal year. The transaction would be part of a planned divestiture of the household and body care business. In September, the company said it had received a binding offer from Unilever of €1,275 million to acquire its global body care and European detergents business. Remaining brands in the division for which no transaction has yet been announced include Kiwi shoe care, Risect insecticide and White King bleach.