Milling & Baking News - July 27, 2010 - 9



Amid media speculation, analyst
sees obstacles in Sara Lee sale
Continued from Page 1

running at a competitive disadvantage in our opinion because of its
high labor and benefit costs. In addition, bread has its own direct-tostore distribution network, so Sara
Lee would not suffer any loss of scale
with customers if it disposed of it.
"Separating the Sara Lee bread
brand from Sara Lee Corporation will
be messy. Sara Lee would have to license the Sara Lee brand to the buyer,
and thus lose quite a bit of control over
the brand equity. As a result, we think
a sale process would take a long time."
The rush of coverage began last
week with a July 19 story in Crain's
Chicago Business stating that Sara
Lee was looking for buyers. Other
news outlets, including The New
York Times, The Wall Street Journal and Bloomberg News followed
with stories.
Crain's and many of the articles
last week based their stories on
a May 25 investment report from

Mr. Moskow in which he noted, after a meeting with Sara Lee corporate management, that the baking
business was now being led by a

turnaround specialist and wondered whether the parent company
may be looking to sell the division.
Milling & Baking News first covered

Schwan's ahead of school pizza
sodium reduction goal
MARSHALL, MINN. - Schwan's
Food Service, Inc. (S.F.S.I.), the largest supplier of pizza to the National
School Lunch Program, is ahead of
its goal to reformulate its school
pizza. Earlier this year, S.F.S.I. committed to reducing the sodium in its
school pizzas by 10% by the fall of
2011, but the company now says its
Big Daddy's brand pizza will have
a 15% to 25% reduction in sodium
by this fall.
Big Daddy's, which represents approximately one-third of Schwan's
school pizza business, was first introduced in 2005 and has become
a well-known brand for middle
and high school students, according to S.F.S.I. The brand offers harvest crust varieties, which combine
enriched and whole grain flours
to meet the demand for increased
whole grains in schools.
"For more than a year, we've researched sodium reduction for Big
Daddy's pizza," said Sean Trygestad, pizza category marketing manager. "Our primary goal, in addition
to reducing sodium, has been to retain and enhance the taste quality,
bakingbusiness.com / world-grain.com

ensuring that students would continue to enjoy the pizza."
S.F.S.I. said it held taste tests
with students throughout
the process to confirm
that the reduced sodium
products performed as
well as the original recipes. Final results were
achieved through a reduction of salt as well as
the use of sea salt.
Since 2007, all subsidiaries of The Schwan Food Co.
have implemented internal guidelines specific to sodium and fat,

Business

the May 25 report in a Page 1 story
(see Milling & Baking News of June 1)
that prompted inquiries at Sosland
Publishing Co. from certain news
outlets, including Crain's, in the
weeks that followed.
While a number of news stories
specifically mentioned the largest
other U.S. baking companies as potential buyers of the Sara Lee baking
business, Wall Street analysts have
suggested that finding a strategic
buyer could be difficult.
Mr. Moskow said that a selling
price for the baking business of $1.5
billion posed by Bloomberg News as a
possibility, "sounds too high."
"Recall that Sara Lee paid $2.8 billion for the bread business in 2001,"
Mr. Moskow said. "But sales have
fallen to $2.2 billion since then and
EBITDA is only $150 million. Why
would anyone pay 10x EBITDA
for this strategically challenged
business?
"We believe private equity and
Bimbo are the likely targets. We
can't imagine a scenario where
Campbell's Pepperidge Farm would
ever consider it." MBN
anticipating the ongoing evolution
of nutrition science and the Dietary
Guidelines.
With the reduction in sodium in
the Big Daddy's products, S.F.S.I.
said it is well on its way to meeting
the Institute of Medicine's recent recommendation to reduce sodium over the next
10 years in the school
meal program.
"This is an exciting
first step in shifting
our portfolio regarding sodium content, and
increasing our betterfor-you options for schools
across the country," said Michael Wiser, senior marketing director for S.F.S.I. MBN

Grupo Bimbo repays $1 billion in debt
MEXICO CITY - Grupo Bimbo,
S.A.B. de C.V. on July 9 said it repaid $1 billion in debt, including
$200 million due this year and the
prepayment of another $800 million
in debt maturing in 2012.
"By prepaying and refinancing the company's obligations more than
18 months in advance, the average maturity of Grupo Bimbo's debt
increased from 3.1 years to more than 5 years," the company said. MBN
Milling & Baking News July 27, 2010 / 9


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - July 27, 2010

Table of Contents for the Digital Edition of Milling & Baking News - July 27, 2010

Contents
Milling & Baking News - July 27, 2010 - 1
Milling & Baking News - July 27, 2010 - 2
Milling & Baking News - July 27, 2010 - 3
Milling & Baking News - July 27, 2010 - Contents
Milling & Baking News - July 27, 2010 - 5
Milling & Baking News - July 27, 2010 - 6
Milling & Baking News - July 27, 2010 - 7
Milling & Baking News - July 27, 2010 - 8
Milling & Baking News - July 27, 2010 - 9
Milling & Baking News - July 27, 2010 - 10
Milling & Baking News - July 27, 2010 - 11
Milling & Baking News - July 27, 2010 - 12
Milling & Baking News - July 27, 2010 - 13
Milling & Baking News - July 27, 2010 - 14
Milling & Baking News - July 27, 2010 - 15
Milling & Baking News - July 27, 2010 - 16
Milling & Baking News - July 27, 2010 - 17
Milling & Baking News - July 27, 2010 - 18
Milling & Baking News - July 27, 2010 - 19
Milling & Baking News - July 27, 2010 - 20
Milling & Baking News - July 27, 2010 - 21
Milling & Baking News - July 27, 2010 - 22
Milling & Baking News - July 27, 2010 - 23
Milling & Baking News - July 27, 2010 - 24
Milling & Baking News - July 27, 2010 - 25
Milling & Baking News - July 27, 2010 - 26
Milling & Baking News - July 27, 2010 - 27
Milling & Baking News - July 27, 2010 - 28
Milling & Baking News - July 27, 2010 - 29
Milling & Baking News - July 27, 2010 - 30
Milling & Baking News - July 27, 2010 - 31
Milling & Baking News - July 27, 2010 - 32
Milling & Baking News - July 27, 2010 - 33
Milling & Baking News - July 27, 2010 - 34
Milling & Baking News - July 27, 2010 - 35
Milling & Baking News - July 27, 2010 - 36
Milling & Baking News - July 27, 2010 - 37
Milling & Baking News - July 27, 2010 - 38
Milling & Baking News - July 27, 2010 - 39
Milling & Baking News - July 27, 2010 - 40
Milling & Baking News - July 27, 2010 - 41
Milling & Baking News - July 27, 2010 - 42
Milling & Baking News - July 27, 2010 - 43
Milling & Baking News - July 27, 2010 - 44
Milling & Baking News - July 27, 2010 - 45
Milling & Baking News - July 27, 2010 - 46
Milling & Baking News - July 27, 2010 - 47
Milling & Baking News - July 27, 2010 - 48
Milling & Baking News - July 27, 2010 - 49
Milling & Baking News - July 27, 2010 - 50
Milling & Baking News - July 27, 2010 - 51
Milling & Baking News - July 27, 2010 - 52
Milling & Baking News - July 27, 2010 - 53
Milling & Baking News - July 27, 2010 - 54
Milling & Baking News - July 27, 2010 - 55
Milling & Baking News - July 27, 2010 - 56
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https://www.nxtbook.com/sosland/mbn/2016_09_27
https://www.nxtbook.com/sosland/mbn/2016_09_13
https://www.nxtbook.com/sosland/mbn/2016_08_30
https://www.nxtbook.com/sosland/mbn/2016_08_16
https://www.nxtbook.com/sosland/mbn/2016_08_02
https://www.nxtbook.com/sosland/mbn/2016_07_19
https://www.nxtbook.com/sosland/mbn/2016_07_05
https://www.nxtbook.com/sosland/mbn/2016_06_21
https://www.nxtbook.com/sosland/mbn/2016_06_07
https://www.nxtbook.com/sosland/mbn/2016_05_24
https://www.nxtbook.com/sosland/mbn/2016_05_10
https://www.nxtbook.com/sosland/mbn/2016_04_26
https://www.nxtbook.com/sosland/mbn/2016_04_12
https://www.nxtbook.com/sosland/mbn/2016_03_29
https://www.nxtbook.com/sosland/mbn/2016_03_15
https://www.nxtbook.com/sosland/mbn/2016_03_01
https://www.nxtbook.com/sosland/mbn/2016_02_16
https://www.nxtbook.com/sosland/mbn/2016_02_02
https://www.nxtbook.com/sosland/mbn/2016_01_19
https://www.nxtbook.com/sosland/mbn/2016_01_05
https://www.nxtbook.com/sosland/mbn/2015_12_22
https://www.nxtbook.com/sosland/mbn/2015_12_08
https://www.nxtbook.com/sosland/mbn/2015_11_24
https://www.nxtbook.com/sosland/mbn/2015_11_10
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https://www.nxtbook.com/sosland/mbn/2015_07_21
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https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
https://www.nxtbook.com/sosland/mbn/2015_05_12
https://www.nxtbook.com/sosland/mbn/2015_04_28
https://www.nxtbook.com/sosland/mbn/2015_04_014
https://www.nxtbook.com/sosland/mbn/2015_03_31
https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
https://www.nxtbook.com/sosland/mbn/2015_02_03
https://www.nxtbook.com/sosland/mbn/2015_01_20
https://www.nxtbook.com/sosland/mbn/2015_01_06
https://www.nxtbook.com/sosland/mbn/2014_12_23
https://www.nxtbook.com/sosland/mbn/2014_12_09
https://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
https://www.nxtbook.com/sosland/mbn/2014_11_11
https://www.nxtbook.com/sosland/mbn/2014_10_28
https://www.nxtbook.com/sosland/mbn/2014_10_14
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https://www.nxtbook.com/sosland/mbn/2014_09_16
https://www.nxtbook.com/sosland/mbn/2014_09_02
https://www.nxtbook.com/sosland/mbn/214_08_19
https://www.nxtbook.com/sosland/mbn/2014_08_01
https://www.nxtbook.com/sosland/mbn/2014_07_22
https://www.nxtbook.com/sosland/mbn/2014_07_08
https://www.nxtbook.com/sosland/mbn/2014_06_24
https://www.nxtbook.com/sosland/mbn/2014_06_10
https://www.nxtbook.com/sosland/mbn/2014_05_27
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https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
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https://www.nxtbook.com/sosland/mbn/2014_01_21
https://www.nxtbook.com/sosland/mbn/2014_01_07
https://www.nxtbook.com/sosland/mbn/2013_12_24
https://www.nxtbook.com/sosland/mbn/2013_12_10
https://www.nxtbook.com/sosland/mbn/2013_11_26
https://www.nxtbook.com/sosland/mbn/2013_11_12
https://www.nxtbook.com/sosland/mbn/2013_10_29
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https://www.nxtbook.com/sosland/mbn/2013_09_17
https://www.nxtbook.com/sosland/mbn/2013_09_03
https://www.nxtbook.com/sosland/mbn/2013_08_20
https://www.nxtbook.com/sosland/mbn/2013_08-06
https://www.nxtbook.com/sosland/mbn/2013_07_23
https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
https://www.nxtbook.com/sosland/mbn/2013_05_28
https://www.nxtbook.com/sosland/mbn/2013_05_14
https://www.nxtbook.com/sosland/mbn/2013_04_30
https://www.nxtbook.com/sosland/mbn/2013_04_16
https://www.nxtbook.com/sosland/mbn/2013_04_02
https://www.nxtbook.com/sosland/mbn/2013_03_19
https://www.nxtbook.com/sosland/mbn/2013_03_05
https://www.nxtbook.com/sosland/mbn/2013_02_19
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https://www.nxtbook.com/sosland/mbn/2013_01_22
https://www.nxtbook.com/sosland/mbn/2013_01_08
https://www.nxtbook.com/sosland/mbn/2012_12_25
https://www.nxtbook.com/sosland/mbn/2012_12_11
https://www.nxtbook.com/sosland/mbn/2012_11_27
https://www.nxtbook.com/sosland/mbn/2012_11_13
https://www.nxtbook.com/sosland/mbn/2012_10_30
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https://www.nxtbook.com/sosland/mbn/2012_09_18
https://www.nxtbook.com/sosland/mbn/2012_09_04
https://www.nxtbook.com/sosland/mbn/2012_08_21
https://www.nxtbook.com/sosland/mbn/2012_08_07
https://www.nxtbook.com/sosland/mbn/2012_07_24
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https://www.nxtbook.com/sosland/mbn/2012_04_17
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https://www.nxtbook.com/sosland/mbn/2012_02_21
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https://www.nxtbook.com/sosland/mbn/2012_01_24
https://www.nxtbook.com/sosland/mbn/2012_01_10
https://www.nxtbook.com/sosland/mbn/2011_12_27
https://www.nxtbook.com/sosland/mbn/2011_12_13
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https://www.nxtbook.com/sosland/mbn/2011_11_15
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https://www.nxtbook.com/sosland/mbn/2011_10_18
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https://www.nxtbook.com/sosland/mbn/2011_08_23
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https://www.nxtbook.com/sosland/mbn/2011_07_26
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https://www.nxtbook.com/sosland/mbn/2011_06_28
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https://www.nxtbook.com/sosland/mbn/2011_04_19
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https://www.nxtbook.com/sosland/mbn/2011_03_22
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https://www.nxtbook.com/sosland/mbn/2011_02_22
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https://www.nxtbook.com/sosland/mbn/2011_01_25
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https://www.nxtbook.com/sosland/mbn/2010_04_20
https://www.nxtbook.com/sosland/mbn/2010_04_06
https://www.nxtbook.com/sosland/mbn/2010_03_23
https://www.nxtbook.com/sosland/mbn/2010_03_09
https://www.nxtbook.com/sosland/mbn/2010_02_23
https://www.nxtbook.com/sosland/mbn/2010_02_09
https://www.nxtbook.com/sosland/mbn/2010_01_26
https://www.nxtbook.com/sosland/mbn/2010_01_12
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https://www.nxtbook.com/sosland/mbn/2009_09_22
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https://www.nxtbook.com/sosland/mbn/2009_03_24
https://www.nxtbook.com/sosland/mbn/2009_03_10
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https://www.nxtbook.com/sosland/mbn/2008_09_23
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https://www.nxtbook.com/sosland/mbn/2008_04_22
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https://www.nxtbook.com/sosland/mbn/2004_08_10
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https://www.nxtbook.com/sosland/mbn/2004_07_27
https://www.nxtbook.com/sosland/mbn/2004_07_20
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