Orlando, FL 12/5/11 (StreetBeat) --Sara Lee (NYSE: SLE) completed the $155 million sale of its bakery business on the Iberian Peninsula to Mexican to Grupo Bimbo S.A.B., the company said Monday.The deal, announced in October, includes all of Sara Lee's fresh bakery brands in Spain and Portugal as well as seven manufacturing facilities. The business is responsible for brands such as Bimbo, Martinez, Ortiz and Silueta and generated revenue of $408 million in the 2011 fiscal year. It employs approximately 2,000 people.
Sara Lee, based in Downers Grove, Ill., has been selling parts of its business as it prepares to split into two publicly traded companies. It sold its North American fresh bakery business to Grupo Bimbo for $709 million in a deal that closed last month.
The company plans to complete its split into two publicly traded companies during the first half of next year.
Shares of Sara Lee Corp. rose 4 cents to $18.96 in midmorning trading.
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