San Francisco: Sara Lee Corp said on late Wednesday it would sell its 51% stake in Godrej Sara Lee Ltd joint venture, which markets insecticides in India, to Godrej Consumer Products Ltd for €185 million ($233.7 million).
The transaction is expected to close by 3 July, Sara Lee said in a statement.
The joint venture’s revenue was around Rs75crore ($158 million based on exchange rates in 2009) in fiscal 2009, Sara Lee said.
That business accounts for some 9% of the adjusted operating segment income for Sara Lee’s International Household and Body Care business, Sara Lee said.
Sara Lee, whose businesses include Hillshire Farm lunchmeats and Sara Lee bread, has been focusing on its main food and beverage businesses as it remakes its portfolio.
It is slated to sell its European body-care business to Unilever and parts of its Ambi Pur air freshener business to Procter & Gamble Co.
Godrej is one of the largest marketers of consumer soap in India.
Shares of Sara Lee closed on Wednesday at $14.35 on the New York Stock Exchange.