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 The food maker announced earlier this year that it will split into
two separate companies in the first half of 2012 with one focused on
international beverages and a second focused on meats. Names for the
two companies will be unveiled at a later date.
While the company has not selected its headquarters for its
international beverage business, it is expected to be based
overseas. Its North American meats business will be based in
downtown Chicago.
Sara Lee said Thursday the move will bring at least 500 positions to
the city from its current location just outside the city and
potentially up to 650 jobs total.
"This move will put our new company's headquarters in the heart of
one of the world's business capitals and will be one of the key
elements of building our more nimble, creative and innovative
culture," Sara Lee Executive Chairman Jan Bennink said in a
statement.
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The Sara Lee meats business sells brands such as Ball Park,
Hillshire Farm and Jimmy Dean meats. The company said it hopes the
relocation will help form a new industry cluster, centered on
food-related companies. Sara Lee said it plans to work with the city
to encourage other food-related companies to relocate to Chicago
from the surrounding area and across the nation.
The city of Chicago said Sara Lee could receive between $5 million
and $6.5 million in tax incremental financing, an economic
development tool that shifts local tax money to developers and
others, based on the total number of jobs created. That still
requires approval by Chicago's City Council and Community
Development Commission.
[Associated
Press]
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