Sara Lee Corporation announced that it has entered into a definitive agreement for the sale of its direct selling business to Tupperware Corporation for $557 million in cash

Food & Drink Weekly, August 15, 2005

Sara Lee Corporation announced that it has entered into a definitive agreement for the sale of its direct selling business to Tupperware Corporation for $557 million in cash. The direct selling business, which markets cosmetics, skin care products, fragrances, toiletries and clothing in 18 countries, had been identified by Sara Lee as a business that would be sold as part of its transformation plan, which was announced in February 2005.

Today's announcement comes earlier than was anticipated in that original plan. "This divestiture is another key step in simplifying our organization and concentrating on driving growth in our core food, beverage and household products businesses," said Brenda C. Barnes, president and chief executive officer of Sara Lee Corporation.