Godrej purchases Sara Lee unit in India
May 28, 2010
by Eric Schroeder
MUMBAI, INDIA — Godrej Consumer Products Ltd. has completed the acquisition of the remaining 51% stake in Godrej Sara Lee from its joint venture partner Sara Lee Corp. for €185 million ($232 million). The transaction, first announced in early May, furthers the shift of Downers Grove, Ill.-based Sara Lee toward its core food and beverage businesses.
The Godrej joint venture, which markets insecticides sold throughout India, generated sales of approximately $158 million in fiscal 2009 and accounted for about 9% of the adjusted operating segment income for Sara Lee’s International Household and Body Care business, the company said. Sara Lee over the past year has received binding offers from Unilever P.L.C. for its Body Care business for €1.275 billion and from Procter & Gamble for its Air Care business for €320 million.