Blog: Sara Lee sells Courtaulds
Leonie Barrie | 9 May 2006
It’s a sad day when the once-mighty Courtaulds has to be effectively given away due to lack of interest from cash-ready buyers. Back in June 2000, Sara Lee paid GBP150.5m (US$230m) for the UK’s largest producer of intimate apparel and underwear, which then had annual sales of US$1.5bn. Last year, it had sales of just one-third of this, at US$560m. And today, adding insult to injury, is the news that Sara Lee has also had to stump up impairment charges of US$34m. None of the purchasers have revealed their future plans for the acquisitions, but Sara Lee is no doubt relieved that this chapter in its history is nearing an end.
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