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Non-Tech : SpinOffs

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From: 249443	5/8/2006 3:22:35 PM
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Sara Lee seen filing plans for Hanes spinoff this week chicagobusiness.com By Julie Jargon May 08, 2006 "Some industry analysts are expecting Sara Lee Corp. to file documents with the U.S. Securities and Exchange Commission this week detailing plans for the long-awaited spinoff of its Hanes apparel business. The Chicago-based conglomerate will report its fiscal 2006 third-quarter earnings on Tuesday. A Sara Lee spokeswoman says she can't comment on when the company will file such documents but says, "We plan to execute the spinoff of the branded apparel business between June and September of 2006." Sara Lee, under CEO Brenda Barnes, is pursuing a major restructuring that involves the shedding of numerous businesses that account for 40% of revenues. The company has completed the sale of several businesses, including its U.S. retail coffee brands and European branded apparel. The company expects to generate more than $3 billion from the divestitures, including the spinoff of the Hanes division, which is expected to occur by autumn. Meanwhile, Sara Lee last week announced it’s in talks with Smithfield Foods Inc. over the sale of its European meats business."

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