Mexican baking giant Grupo Bimbo SAB announced Tuesday that it is buying Sara Lee Corp.’s North American bakery business for $959 million.
The purchase of North American Fresh Bakery includes “a royalty-free perpetual license” to the Sara Lee brand in the Americas, Asia, Africa and Eastern and Central Europe, “as well as a portfolio of regional brands that are well-regarded in their local markets,” Bimbo, the world’s biggest baker, said in a press release.
Grupo Bimbo employs more than 102,000 people at 99 plants and 1,000 distribution centers in 17 countries in the Americas and Asia.
Sara Lee, based in Downers Grove, Illinois, has plants in more than 40 countries and markets products in more than 180 nations around the world.
It is funny how different words in different cultures mean different things.