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Sara Lee trims down
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January 16, 2001: 2:36 p.m. ET
Company agrees to sell Brossard for an undisclosed amount to Saveurs de France
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NEW YORK (CNNfn) - Sara Lee Corp. disclosed Tuesday that it plans to sells its French bakery business, Brossard, to Saveurs de France for an undisclosed amount.
Sale of the company, which generated $122 million in sales for fiscal 2000, would include all of Brossard's brands, activities and related assets.
Brossard produces frozen pastry products that are sold in France. Sara Lee, which makes everything from Hanes underwear to Jimmy Dean sausage, is selling the bakery business as part of its corporate strategy to slim down and boost the company's sagging stock price which has fallen 16 percent from its 52-week high.
 "Although Brossard has a number of ambient and frozen pasty products that are sold in France, there are limited opportunities for Sara Lee to develop these brands on a European scale," said Frank Meysman, executive vice president of Sara Lee Corp., in a statement.
Chicago-based Sara Lee (SLE: Research, Estimates) plans to focus more on consumer package goods such as food and beverage, intimates and underwear and household products. In August, Sara Lee sold PYA/Monarch, the No. 4 U.S. food service distributor, to U.S. Foodservice for $1.57 billion in cash, as part of its growth strategy.
Sara Lee gained 31 cents to $21.31 in afternoon trading Tuesday. 
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