Hillshire Brands gains in debut after spinoff
NEW YORK (AP) — Hillshire Brands Inc. gained on its debut on the New York Stock Exchange Friday after emerging from Sara Lee Corp.
The new company, which trades under the ticker "HSH," focuses on meat brands such as Jimmy Dean, Ball Park and its namesake Hillshire Farm, which Sara Lee acquired in 1971. It also sells Sara Lee frozen desserts and bakery products.
The other company created after Sara Lee's split in two is an international coffee and tea seller called D.E. Master Blenders 1753, a reference to one of the company's coffee brands. It is based in the Netherlands and will trade on an exchange there.
Hillshire says the spinoff will let it focus on developing meat products that appeal to changing tastes.
The company, based in Downers Grove, Ill., will move its headquarters to Chicago early next year. It generates nearly $4 billion in sales a year and has about 8,500 employees.
Hillshire Brands closed up 99 cents, or nearly 3.5 percent, at $29.99.