Sara Lee has announced a further step toward their plan to focus on food and beverage products with the sale of the air care business to consumer products giant Procter & Gamble. The binding offer of €320 million (A$524 million) was accepted earlier this month by Sara Lee as long as certain, unspecified conditions are met. In fiscal 2009, this business generated annual sales of approximately €260 million. “The proposed sale of our air care business is the next step in our plan to focus... ...Read more »

Sara Lee has reported a binding bid of almost A$2.2 billion (€1.275 billion) from consumer products giant Unilever to acquire its global body care and European detergents businesses. Sara Lee announced plans to divest the business, which includes brands like Radox, earlier this year to allow for a heightened focus on their food divisions. They are still looking for a buyer on the remainder of their household care division. The proposed transaction, which is subject to customary closing conditions... ...Read more »

The Chief Executive of Sara Lee, Brenda Barnes, has sought to reassure investors that the company is making progress in their turnaround process as their share price fails to ignite excitement. Ms Branes has been leading the food manufacturer through a four-year turnaround program and told investors and analysts this week that the company’s long-term growth will be driven by a number of key strategies, namely: focus resources in core categories and geographies, expand in high growth developing... ...Read more »

Foster’s Group, Australia’s largest brewer, has announced a 4 per cent rise in profit for the full year on the back of a strong result in their beer division. The company, which continued to report wine as a laggard, saw sales up 2.7% to $4.5 billion as CUB led the way. Ian Johnston, Chief Executive Officer of Foster’s, said the company’s transformation progress had been strong – with the separation of their wine and beer divisions going to plan. “In the six months... ...Read more »

Food and household goods manufacturer Sara Lee is mulling the potential of food and beverage acquisitions as the company fields offers for its households business. Chairman and CEO, Brenda Barnes, told Bloomberg last week that, with an extensive cost cutting process underway and the potential of a sale of their $3b International Household & Body Care business, they were in a position to expand their food and beverage business. “We now have the capability to do this,” she said of the... ...Read more »

Sara Lee has reported a fall in third quarter sales as their foodservice and international business segments hinder growth. Third quarter adjusted profit increased 30.1%, however, primarily driven by strong performance in the North American retail and international beverage segments, as well as higher margins. “We continue to achieve meaningful bottom-line growth and see positive trends in the face of a very difficult global economy,” said Brenda Barnes, Chairman and Chief Executive Officer... ...Read more »

Sara Lee has announced the opening of its new North American innovation campus, The Kitchens of Sara Lee, which they hope will stimulate significant growth in the years ahead. The 120,000 square-foot research and development centre, located at the company’s headquarters in Illinois, took over two years to construct and houses more than 100 research and development professionals; including chefs, scientists, engineers and packaging designers. “Our dedication to innovation, and in turn... ...Read more »

Sara Lee Corporation, famous for its Moccona and Sara Lee brands, is contemplating the sale of their International Household & Body Care business after receiving expressions of interest. They advised that consideration was being given to a divestment of the business, which includes grocery brands in Australia such as Ambi-Pur, White King, Radox and Kiwi. Sara Lee began a restructure of their company in 2005, which has already led to divestitures and spin-offs worth US$3.8 billion. “Our... ...Read more »

Sara Lee’s multi-year transformation is on track and beginning to reap dividends, Brenda Barnes, Chairman and Chief Executive Officer of Sara Lee, has told analysts at the CAGNY conference in Florida. “Sara Lee’s value proposition and prospects for profitable growth are better than at any other time since I’ve been here,” said Barnes, who joined the company in 2004. “And, I’m excited about the tremendous additional opportunities for improvement that will... ...Read more »

Wesfarmers, Australia’s largest employer and owner of Coles supermarkets, has announced that the market share of Coles has begun to stabilise as initiatives to transform the business continue in earnest. The company reported a net profit of $1,050 million for the 2007/08 financial year, an increase of 33.6% on last year due, in part, to the integration of Coles Group. “The acquisition of the major businesses of Coles, Target, Kmart and Officeworks has materially expanded Wesfarmers’... ...Read more »