Sara Lee to sell global shoe care business to SC Johnson for $328 million
03 Jan 2011
Sara Lee Corporation, the $13-billion Illinois-based consumer goods conglomerate, over the weekend agreed to sell its global shoe care business, including the world renowned Kiwi brand, to privately held SC Johnson, for $328 million.
The deal comes after SC Johnson acquired the global household insecticides business of Sara Lee that included brands such as Bloom and Catch for $188 million in June 2010.
Sara Lee's shoe care business that generated about $315 million in sales during fiscal year 2009, includes the Kiwi brand and Bama International, which sells shoe accessories in Europe and Canada, and a line of cleaning products called Kiwi Kleen that are mainly sold in Asia.
Wisconsin-based SC Johnson is a 124-year old privately-held, global manufacturer of household cleaning products and products for home storage, air care, and insect control.
It markets such well-known brands as Glade, Pledge, Raid, Baygon, Kabikiller, Ziploc among others. With more than $8 billion in annual sales, SC Johnson employs approximately 12,000 people globally and sells products in virtually every country around the world.
"We're thrilled that the addition of Kiwi to SC Johnson will enable us to offer families around the world yet another long-respected leading household brand," said SC Johnson chairman and CEO, Fisk Johnson.
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