NEW YORK — Sara Lee Branded Apparel has created a name for its spin-off company: Hanesbrands Inc.
The new name, which employees were told of Tuesday, will take effect once the creation of an independent apparel company is completed between July and September 2006, said a company spokeswoman.
Sara Lee Corp. said in February it plans to transform the company to better position it for long-term growth, with a focus on food, beverage and household and body care products, and shed its innerwear and sportswear unit. The $6.45 billion Sara Lee Branded Apparel business markets some of the world's best-known fashion brands, including Hanes, Champion, Playtex, Bali, L'eggs and Wonderbra, and is the largest line of business for the $19.6 billion Sara Lee Corp.
Shareholders of Sara Lee at the spin-off will become the initial shareholders of Hanesbrands, receiving a share in the new company for every share held in Sara Lee at that time.
Lee Chaden, chief executive officer of Sara Lee Branded Apparel, said in picking the new name the company is focusing not only on its flagship brand, Hanes, but also is reinforcing its commitment to producing, marketing and distributing quality branded products.
"Picking a new name for a 100-year-old company is a rare opportunity," Chaden said.
Sara Lee Branded Apparel employs 55,000 people worldwide.
The company decided to split apart its apparel business and operations in the Americas-Asia territories in February, and sell its $1.8 billion European apparel business. This month, Sara Lee entered into an exclusive negotiation period with Sun European Partners for the sale of its branded European intimate apparel and hosiery businesses bearing the Dim, Playtex, Wonderbra, Abanderado, Nur Die and Unno names.
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