Sara Lee selling unit to Ralcorp for $545M

Downers Grove-based Sara Lee is selling its North American refrigerated dough business to a Ralcorp for $545 million.

The Sara Lee Corp. is in the process of splitting in two and said in May that it was looking for a buyer for the business. The sale, announced Tuesday, is just the latest for Sara Lee.

The refrigerated dough business includes private label toaster pastries and specialty biscuits that are sold to retailers. The division, with plants in Forest Park, Ga. And Carrolton, Texas, has about 700 employees.

The sale is expected to close by the end of 2012.

Separately, Ralcorp Holdings Inc. reported third-quarter adjusted earnings of $1.15 per share on revenue of $1.17 billion. Analysts expected $1.20 per share on revenue of $1.16 billion.