PORTLAND, Ore. — Sara Lee Corp. is splitting into two public companies, completing its evolution from conglomerate to a smaller business more tightly focused on food and drinks.
Stockholders will receive a special $3 dividend and their shares will split to give them an interest in each company.
Sara Lee, based in Downers Grove, Ill., will keep its name and current location with one company, which will concentrate on its North American retail and food service businesses. That includes brands such as Jimmy Dean, Ball Park, and Hillshire Farm, as well as Sara Lee frozen desserts. These operations generated about $4.1 billion in revenue during Sara Lee’s latest fiscal year.
A second company, which has not been named but is being called CoffeeCo, will focus on the company’s international bakery and beverage businesses. It owns brands such as Douwe Egberts, Senseo, and Pickwick. These operations generated revenue of roughly $4.1 billion during the latest fiscal year. Sara Lee leaders said the company may base that business overseas.