• December 9, 2011

When it splits into two publicly traded companies early next year, Sara Lee -- headquartered in Downers Grove, Ill. since 2005 -- will move the meat company back to Chicago, reports the Chicago Sun-Times.

The other, international tea and coffee company, will be based in Europe.

Sara Lee was headquartered in Chicago for more than 60 years prior to a 2005 consolidation.

Chicago, which will gain as many as 650 jobs (the Downers Grove facility has 1,000 employees), attracted Sara Lee with a $6.5-million subsidy. The subsidy will be parcelled out based on specific terms -- mainly job-creation numbers to be achieved -- over five years, 

A building at 400 S. Jefferson in the city will be gutted and renovated at a cost of $60 million (not including moving costs, interior finishes or furniture). --Karlene Lukovitz