Sara Lee accepts deal for shoe care business

Sara Lee Corp. Friday said it has received a binding offer from SC Johnson to acquire Sara Lee's global shoe care business, including brands Kiwi, Kiwi Kleen, Bama, Tana and Meltonian, for about $327 million.

The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close by July 2. Sara Lee will consult with relevant works councils during the process.

“With the binding offer for our global shoe care business, we have now announced or completed transactions for substantially all of our Household and Body Care business,” said Marcel Smits, interim chief executive officer, Sara Lee Corp. “We're excited to get closer to bringing this process to a close as we continue to focus on our core protein and coffee businesses, while continuing to evaluate the best opportunities for value creation and investment of cash.”

In fiscal 2009, this business generated annual sales of approximately $315 million and accounted for approximately 19 percent of the adjusted operating segment income for the international household and body care business.

Downers Grove-based Sara Lee has completed the sale of its body care business to Unilever, its air care business, and its stake in its Godrej Sara Lee joint venture to Godrej Consumer Products Ltd.