The maker of Jimmy Dean sausages and Sara Lee breads said Tuesday that the sale will allow it to aggressively expand other businesses through acquisitions and other means.
The transaction, which includes 41 U.S. plants, lets Sara Lee keep the right to sell Sara Lee brand frozen desserts and meat products.
Grupo Bimbo will have rights to the Sara Lee brand in fresh baked goods globally, excluding Western Europe, Australia and New Zealand. About 13,000 employees will be transfered.
The deal is expected to close in 2011's first half.