Campbell Completes Sale of European Chips Business to Valeo Foods
11 Octobre 2019 - 2:30PM
Business Wire
Campbell Soup Company (NYSE:CPB) announced it has
completed the sale of its European Chips Business to Valeo Foods, a
portfolio company of CapVest Partners LLP, for approximately £66
million (approximately $80 million based on current exchange
rates). The Campbell European Chips Business includes UK-based
Kettle Foods Limited and Netherlands-based Yellow Chips B.V.
Campbell will use the proceeds from the divestiture to reduce
debt.
Under the terms of the agreement, Campbell will retain the
Kettle Brand business in the United States and all other
geographies except for Europe and the Middle East. Campbell intends
to grow the Kettle Brand as an important part of its Snacks
portfolio.
The Campbell European Chips Business had net sales of
approximately $130 million in fiscal 2019. The results of the
European Chips Business through the time of sale will remain part
of continuing operations within the Snacks segment.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real
food that matters for life's moments." For generations, people have
trusted Campbell to provide authentic, flavorful and affordable
snacks, soups and simple meals, and beverages. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward
of the planet's natural resources. The company is a member of the
Standard and Poor's 500 and the FTSE4Good Index. For more
information, visit www.campbellsoupcompany.com or follow company
news on Twitter via @CampbellSoupCo.
About Valeo Foods Group
With operations in Ireland, the UK and Continental Europe and
sales to approximately 90 countries, Valeo Foods is one of the
fastest growing international ambient foods producers and
distributors with annual sales of approximately €850 million,
before the currently proposed acquisition of Kettle Foods. Valeo
Foods owns a portfolio of popular consumer brands, many of them
iconic household names in their markets, including Barratt, Rowse
Honey, Fox’s Glacier Mints and XXX Mints, Jacob’s, Batchelors,
Odlums, Shamrock, Kelkin, Robert Roberts, Pedro and Balconi. In
total, Valeo Foods has 68 international brands.
The Group is a leader in sweet treats, health and wellness,
baking and meal ingredients, out-of-home beverages and foodservice
and has 21 locations across Ireland, the UK and Continental
Europe.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect
Campbell’s current expectations about the impact of its future
plans and performance on Campbell’s business or financial results.
These forward-looking statements rely on a number of assumptions
and estimates that could be inaccurate and which are subject to
risks and uncertainties. The factors that could cause Campbell’s
actual results to vary materially from those anticipated or
expressed in any forward-looking statement are described in
Campbell’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings, and include the ability to complete
and to realize the projected benefits of planned divestitures and
other business portfolio changes; and Campbell’s indebtedness and
ability to pay such indebtedness. Campbell disclaims any obligation
or intent to update the forward-looking statements to reflect
events or circumstances after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20191011005043/en/
INVESTOR CONTACT: Ken Gosnell (856)
342-6081 Ken_Gosnell@campbellsoup.com
MEDIA CONTACT: Thomas Hushen (856)
342-5227 Thomas_Hushen@campbellsoup.com
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