Sara Lee Corporation announced today that it has signed an agreement to sell its Champion Europe operations to Champion Europe S.p.A., a company that has been established by the existing management, with financial support from funds managed by ABN AMRO Ventures BV and ROLO BANCA 1473. Terms of the transaction were not disclosed.

Champion Europe, a US$210 million business based in Campogalliano (Modena) and Florence, Italy, markets Champion branded apparel, licensed apparel, team uniforms, footwear and accessories throughout Europe.

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”While Champion Europe is a very vital and successful business, it involves a significant fashion component that no longer fits with Sara Lee’s vision to focus on repeat-purchase, non-fashion, branded consumer packaged goods,” said C. Steven McMillan, president and chief executive officer of Sara Lee Corporation. ”This divestiture further illustrates our commitment to reshaping our business portfolio to better position Sara Lee for long-term growth.”

In May 2000, Sara Lee Corporation announced a major reshaping of its business portfolio, including both acquisitions and divestitures, to strengthen the company’s stature as a global leader in the branded consumer packaged goods sector and narrow its focus on a smaller number of business segments – Food and Beverage, Intimates and Underwear, and Household Products.

Sara Lee Corporation (www.saralee.com) is a global branded consumer packaged goods company with approximately $17.5 billion in annual revenues. Its leading brands include Sara Lee, Douwe Egberts, Hillshire Farm, Kiwi, Hanes and Playtex.

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