Since its February 2005 reorganization, the Chicago-based company has shed 40 percent of its business, including the spin-off of its profitable Hanesbrands Inc. apparel division earlier this month.

“I’m very happy to say we’re standing here now a very different company than we were those 18 months ago,” Barnes said during the meeting at a downtown hotel. “We did a lot of heavy lifting, and we’re now poised to drive growth.”

The maker of Ball Park hot dogs, Hillshire Farms deli meats and the company’s namesake desserts wants to build its revenue by 2 percent to 4 percent each year, Sara Lee officials said. The company also wants to focus on developing new products and increasing its stock price, which has had a 52-week range of $14.08 to $19.64.
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In its food service division, it’s expanding the line of Flavor Fusion Pies from four varieties to nine, including a pumpkin pecan praline with vanilla crust. It’s also offering toasted sandwiches and introducing single-serving espresso for small restaurants and offices through Senseo.

New products are expected to account for 15 percent of the 2007 sales in the company’s household and body care business. That’s double the percentage of sales from new products in fiscal 2006.

New products touted Monday included a face wash from the Philippines and a version of the successful Ambi Pur air freshener that automatically releases a different fragrance every 45 minutes.