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Article: Sara Lee Corp. to sell food service branch $1.57 billion deal with Dutch firm Royal Ahold announced
- Article from:
- Chicago Sun-Times
- Article date:
- August 17, 2000
CopyrightCopyright 2000 Chicago Sun-Times. (Hide copyright information)
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Sara Lee Corp. has signed an agreement to sell its PYA/Monarch
food service operation to a Dutch supermarket giant for $1.57
billion.
The sale, which also includes a supply agreement between the Dutch
firm Royal Ahold and Sara Lee's U.S. food and beverage manufacturing
operations, is expected to close by the end of October, Chicago-
based Sara Lee announced Wednesday.
"With the direct sale of PYA/Monarch to Ahold, Sara Lee obtains
cash now, eliminates market uncertainty and secures a multiyear
supply contract, creating significant value for Sara Lee
shareholders," said C. Steven McMillan, chief executive officer of
Sara Lee Corporation.
The sale of PYA/Monarch is part of a plan to narrow ...