Sara Lee Names Meat Company
NEW YORK (AP) — Food company Sara Lee Corp., which is splitting into two businesses later this month, says it is naming its North America company Hillshire Brands Co.
The business will house brands like Hillshire Farm, Jimmy Dean and Ball Park as well as frozen desserts and other bakery products, Sara Lee said Tuesday. The name comes from the Hillshire Farm brand, which Sara Lee purchased in 1971.
The other company to emerge from Sara Lee will be an international coffee and tea company called D.E. Master Blenders 1753, referring to one of its coffee brands, Douwe Egberts, which began in 1753.
The two will become separate companies on June 28, after Sara Lee, based in Downers Grove, Ill., completes its split.
Hillshire Brands will remain based in Downers Grove, but the company is moving its headquarters to Chicago in early 2013.
Sean Connolly, who currently serves as CEO of Sara Lee's North American retail and foodservice operations, will become CEO of Hillshire Brands.
The company will trade on the New York Stock Exchange under the "HSH" ticker symbol.
D.E. Master Blenders, which will be based in the Netherlands, will begin trading on July 9 there with the ticker symbol "DE."
Sara Lee shareholders will get stock worth up to $4.55 billion when the company spins off the coffee and tea business.
Shares of Sara Lee edged up 4 cents to $20.48 in late morning trading Tuesday.