DOWNERS GROVE, Ill. — Sara Lee Corp. has received an offer from SC Johnson to acquire Sara Lee’s global shoe care business for 245 million euros ($327.9 million).
Sara Lee Corp. has received an offer from SC Johnson to acquire Sara Lee’s global shoe care business for 245 million euros ($327.9 million).
Sara Lee said Monday that the binding offer includes the venerable Kiwi shoe care brand as well as Kiwi Kleen, Bama, Tana and Meltonian.
The company said it has agreed to accept the binding offer from SC Johnson upon satisfaction of certain conditions. In fiscal 2009, the global shoe care business generated annual sales of approximately 230 million euros ($315 million) and accounted for approximately 19% of the adjusted operating segment income of Sara Lee’s International Household and Body Care business.
The transaction, pending closing conditions and regulatory clearances, is expected to be finalized by early July, the end of Sara Lee’s 2011 fiscal year.
"With the binding offer for our global shoe care business, we have now announced or completed transactions for substantially all of our Household and Body Care business," stated Marcel Smits, interim chief executive officer at Sara Lee. "We’re excited to get closer to bringing this process to a close as we continue to focus on our core protein and coffee businesses, while continuing to evaluate the best opportunities for value creation and investment of cash."
Sara Lee has completed the sale of its body care business to Unilever, its air care business to Procter & Gamble and its stake in its Godrej Sara Lee joint venture to Godrej Consumer Products Ltd. Sara Lee said its International Household and Body Care business generated sales of about 1.5 billion euros ($2 billion) in fiscal 2009.