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Smithfield Buys Sara Lee Meat Business
NEW YORK - Jun 27/06 - SNS -- Sara Lee Corporation agreed to sell its European meats business to Smithfield Foods, Inc. for U.S. $575 million in cash and around $39 million for the assumption of pension and other liabilities.
The transaction is expected to close by the end of September 2006, pending European regulatory approval. Sara Lee will continue to consult with the works councils during the sale process.
Headquartered in Hoofddorp, the Netherlands, Sara Lee's European meats operation generated US $1.1 billion in sales in fiscal 2005, and holds its largest positions in France, Benelux and Portugal with popular European brands such as Aoste, Justin Bridou, Cochonou and Nobre. The organization employs approximately 4,500 people.
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