DOWNERS GROVE, Ill. (AP) -- Sara Lee Corp. said Thursday it will cut 700 jobs as it outsources parts of its business to bring between $200 million and $250 million in savings in the next three years.
Sara Lee will outsource pieces of its North American and European finance and global information services groups, in addition to its global indirect procurement activities.
"In addition to the cost savings, business process outsourcing will help Sara Lee further drive standardization, increase efficiency and provide flexibility," Chief Executive Brenda Barnes said in a statement.
Sara Lee will start implementing these initiatives in North America in the current fiscal year, and plans to have them complete within three years.
Sara Lee has about 44,000 employees worldwide.
Shares slipped a penny to $9.32 in morning trading.
