McCain Buying Sara Lee's Australian Frozen Bakery Biz
December 19/Ballarat, Australia/CNW -- McCain Foods (Aust) Pty. Ltd. announced that it has signed a Share Purchase Agreement to acquire 100% of the shares of the Kitchens of Sara Lee (KOSL) frozen bakery business based in Australia and New Zealand from Hillshire Brands.
The agreement -- valued at AUD$82 million (approximately $85 million) -- encompasses KOSL's manufacturing, marketing, distribution and exporting of frozen desserts, as well as licensing rights to the Sara Lee trademark in connection with the bakery business in Australia and other areas within the Pacific Rim. The transaction is subject to closing conditions and regulatory approvals.