It has recently come into light that Sara Lee Corp. (SLE) has finally agreed to sell its fresh bakery businesses in Spain and Portugal to Mexico's Grupo Bimbo S. A. B. de C. V. The deal has been finalized for EUR115 million in cash.

Sara Lee had a business of all kinds of household products and food brands. Now it aims to narrow its focus from this venture and has therefore decided to sell its bakery business off to BIMBO. MX.

At present, the company is processing to split apart. It has plans to develop as an international coffee and tea business and secondly, as a North American business company dealing with Jimmy Dean and Hillshire Farms brands.

Within 60-days, all the Sara Lee bakery brands, along with its seven developed facilities, will be shut down. As reported by Sara Lee, from its bakery operations in Spain, it has sales of approximately $408 million in fiscal 2011. And it has a team of around 2,000 people.

According to the chairman of Sara Lee, Jan Bennink, this move will be quite beneficial for Sara Lee bakery team and brands in Spain and Portugal, because this way they would turn out to be a part of an association that is fully committed to the category of bakery items.