Campbell to Sell Europe Potato Chips Business for $80 Million
Campbell to Sell Europe Potato Chips Business for $80 Million
(Bloomberg) -- Campbell Soup Co. agreed to sell its European potato chips business to Valeo Foods Group Ltd. for about 66 million pounds ($80 million), the soupmaker’s latest divestment as it simplifies operations.
Campbell is selling off international assets as it narrows its focus on snacks and its core business of canned soup. The deal with closely held Valeo, expected to close in the company’s current fiscal quarter, follows the sale of Australia’s Tim Tam cookies and other international operations for $2.5 billion.
Investors have applauded the turnaround efforts, sending Campbell shares up about 36% so far this year. The company’s soup sales in the U.S. rose in the most recent quarter, a positive sign for a company that has been hampered by changing consumer tastes.
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