- Campbell Soup (NYSE:CPB) signs a deal to sell its European Chips Business to Valeo Foods for approximately $80M.
- The chips business includes UK-based Kettle Foods Limited and Netherlands-based Yellow Chips B.V.
- 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, which also includes the Emerald, Goldfish, Lance, Late July, Milano, Pepperidge Farm, Snack Factory Pretzel Crisps and Snyder's of Hanover brands.
- Campbell plans to use the proceeds from the divestiture to reduce debt.
- Source: Press Release