Sara Lee in talks with Smithfield
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By Times wire services | Saturday, May 06, 2006 |
Buyout
Consumer products maker Sara Lee Corp. said Friday it is in exclusive negotiations to sell its European meats business to hog producer Smithfield Foods Inc. as part of a plan to trim fat from its diverse portfolio of food operations.
Sara Lee, whose brands include the U.S.-based Jimmy Dean packaged meats, Hanes underwear and its namesake baked goods, also said it expects to take a $125 million impairment charge on the European unit to reflect a reduction in value. The charge will be booked in the quarter ended April 1.
The European meats business, located in Hoofddorp, the Netherlands, had fiscal 2005 sales of $1.1 billion and also operates in France, Belgium, Luxembourg and Portugal.
The company announced plans more than a year ago to sell the European meats division.
— Times wire services
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