NEW YORK ( TheStreet) -- Sara Lee ( SLE) has agreed to sell its global shoe care business, including the Kiwi brand, to privately held SC Johnson for ¿245 million, or roughly $328 million. Sara Lee said it expects the deal, which is subject certain closing conditions and regulatory clearances, to close by the end of its fiscal year on July 2, 2011. The company said the business being sold generated revenue of around $315 million in its fiscal 2009, based on prevailing exchange rates that year.
Sara Lee's stock closed Friday at $17.51, down a penny. In 2010 the shares rose 44%, hitting a 52-week high of $17.72 on Dec. 20. "With the binding offer for our global shoe care business, we have now announced or completed transactions for substantially all of our Household and Body Care business," said Marcel Smits, Sara Lee's interim CEO, in a statement. "We're excited to get closer to bringing this process to a close as we continue to focus on our core protein and coffee businesses, while continuing to evaluate the best opportunities for value creation and investment of cash," Smits continued. Of the 12 analysts currently covering Sara Lee shares, eight have hold ratings on the stock. The shares though have already run past Wall Street's median 12-month price target of $17. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org.