Campbell Soup negotiating to offload its European business
APNEW YORK -- Campbell Soup says it's in final negotiations to sell its European business to private equity firm CVC Capital Partners for an undisclosed sum, the latest move by CEO Denise Morrison to reshape the company.
August 14, 2013, 11:43 am TWN
The proposed sale includes the company's soups, sauces and other products that are sold under a variety of names in Belgium, Finland, France, Germany and Sweden. The deal, which is not yet final, doesn't include products in the United Kingdom, Ireland, the Middle East or Africa, or the export of its Pepperidge Farm baked goods.
The expected sale is the latest structural change for the soup maker since Morrison took over two years ago. Morrison has vowed to right the company's struggling canned soup business in the U.S., and has been moving to diversify with the type of fresher products that are growing in popularity.
Campbell Soup Co. recently purchased Bolthouse Farms, which makes premium juices, salad dressings and baby carrots, as well as Plum Organics, which makes food for babies and kids.
The company noted that the proposed sale of the European brands, which includes four plants, is subject to regulatory approvals.