ST. LOUIS — Ralcorp Holdings here on Tuesday said it has agreed to acquire the North American private-brand refrigerated dough business of Sara Lee Corp. for about $545 million.
The business recorded sales "in excess of $300 million" for the fiscal year that ended in July 2010, Ralcorp said. It employs about 700 people and had manufacturing facilities in Carrollton, Texas, and Forest Park, Ga.
"We are excited about the addition of the refrigerated dough business to the Ralcorp family of products," said Kevin J. Hunt, co-chief executive officer and president of Ralcorp. "This transaction will allow Ralcorp to be a private-brand leader in the $1.8 billion refrigerated dough category."
The acquisition is expected to close in 60 to 90 days.
Ralcorp said last month it plans to spin off its Post Cereal business, and in May the company rejected a $4.9 billion takeover offer from Omaha, Neb.-based ConAgra.