MEXICO CITY, Oct. 21, 2011 /PRNewswire/ — Grupo Bimbo, S.A.B. de C.V. (“Grupo Bimbo” or “the Company”) (BMV: BIMBO) today announced the U.S. Department of Justice (DOJ) has concluded its review of Grupo Bimbo’s proposed acquisition of Sara Lee Corporation’s (NYSE: SLE) North American Fresh Bakery (NAFB) business.

The acquisition includes a royalty-free perpetual license to the iconic Sara Lee brand in fresh bakery products and a portfolio of regional brands that are well-regarded in their markets. The business , prior to any DOJ-required divestment, operates 41 plants and more than 4,700 distribution routes and employs approximately 13,200 associates.

As a condition to regulatory clearance, the Company has agreed to a divestiture of certain brands and accompanying assets and routes, including the Sara Lee and EarthGrains brands in California, and certain smaller brands in the Harrisburg/Scranton region of Pennsylvania and the Kansas City, Oklahoma City and Omaha metropolitan areas. The brands to be divested generated approximately US$155 million of the total US$2 billion in sales cited in November 2010, when the Grupo Bimbo-NAFB transaction was announced.

To reflect the revised scope of the NAFB assets being acquired and the divestitures to be undertaken, the final enterprise value has been revised to US$709 million.

Daniel Servitje, Chief Executive Officer of Grupo Bimbo, said, “We are pleased to move forward with our planned acquisition of Sara Lee‘s North American Fresh Bakery business. It is a significant milestone in the growth of our company, and one that will create significant value for customers, consumers, associates and shareholders. The integration process will begin immediately after closing and we expect to gradually reach US$150 million in annual synergies by year three.”

Gary Prince, President of Bimbo Bakeries USA, added, “This acquisition represents an ideal fit in terms of filling in our geographic footprint and adding highly complementary brands and the overall product portfolio. At the same time, we will invest in bakeries, technology and infrastructure to improve the efficiency of our combined businesses. We welcome our new associates in creating the leading North American bakery company.”

To pay for this transaction, Grupo Bimbo will utilize cash on hand and financing available under existing long-term credit facilities. Guillermo Quiroz, Grupo Bimbo’s Chief Financial Officer, noted, “Our financial flexibility and credit profile remain strong, with a pro forma total debt-to-EBITDA ratio of 2.5x. It should also be noted that we are strengthening and diversifying both our revenue and cash flow.”

The divestiture is still subject to final approval by the U.S. District Court and customary documentation. This transaction is expected to close in the coming weeks.

Conference Call / Webcast

Grupo Bimbo will hold a conference call and webcast to discuss the Sara Lee NAFB acquisition on Monday, October 24th, at 10:00 am ET (New York) / 9:00 am CT (Mexico City). The audio and presentation can be accessed at http://ir.grupobimbo.com, or audio only at (877) 325-8253 (from within the US) / +1 (973) 935-8893 (from outside the US), passcode: 21829120. To access a replay of the call, available from October 24th until November 25th 2011, dial (855) 859-2056 (from within the US) / +1 (404) 537-3406 (from outside the US), passcode: 21829120.

About Grupo Bimbo

Grupo Bimbo is one of the largest baking companies in the world in terms of production and sales volume. As the market leader in the Americas, Grupo Bimbo has 102 plants and 1,000 distribution centers strategically located in 17 countries throughout the Americas and Asia. Its main product lines include sliced bread, buns, cookies, snack cakes, English muffins, bagels, pre-packaged foods, tortillas, salted snacks and confectionery products, among others. Grupo Bimbo produces over 7,000 products and has one of the most extensive direct distribution networks in the world, with more than 44,000 routes and more than 109,000 employees. Grupo Bimbo’s shares have traded on the Mexican Stock Exchange since 1980 under the ticker symbol BIMBO.

Forward-Looking Statements

This announcement contains certain statements regarding the expected financial and operating performance of Grupo Bimbo, S.A.B. de C.V., which are based on current financial information, operating levels, and market conditions, as well as on estimations of the Board of Directors of the Company related to possible future events. The results of the Company may differ in regards with those expressed on these statements, due to different factors that are beyond the Company’s control, such as: adjustments in price levels, variations in the costs of its raw materials, changes in laws and regulations, or economic or political conditions not foreseen in the countries where the Company operates. Therefore, the Company is not responsible for such differences in the information and suggests that readers review such statements prudently. Moreover, the Company will not undertake any obligation to publicly release any revisions to the statements due to variations of such factors after the date of this press release.

SOURCE Grupo Bimbo