Sara Lee Corp. completed its sale of its global shoe care business, in a majority of countries, to SC Johnson. The global shoe care business is comprised of the brands Kiwi, Kiwi Kleen, Tana and Bama, among others.
The sale will close in the remaining jurisdictions pending certain conditions. The deal was originally announced on Dec. 31, 2010, with a binding offer from SC Johnson of €245 million ($348.3mm).
This transaction is a part of Sara Lee's process of divesting its Household and Body Care businesses. In addition to today's transaction, the company has announced and closed transactions for its stake in the Indian insecticides joint venture Godrej Sara Lee (sold to Godrej for €185 million), its air care business (sold to Procter & Gamble for €320 million), its body care and European detergents businesses (sold to Unilever for €1.21 billion) and its White King and Janola brands (sold to Symex for €38 million). In addition, Sara Lee announced the pending sale of its non-Indian insecticides business to SC Johnson for €153.5 million.
