Campbell Soup’s international, fresh food businesses up for sale
With falling share prices, Campbell Soup Co is finally giving up certain portions of the company. As a start, it recently announced that its international and fresh refrigerated-foods units are now up for sale.
Reuters reported that after months of strategic review and pressure from hedge fund investors to sell the entire company, Campbell instead decided to sell its international businesses and fresh foods unit.
Right now, the two businesses bring in about $2.1 billion in annual sales to Campbell’s total revenue.
Campbell International is comprised of Australian biscuits brand Arnott’s and the Kelsen Group, along with the company’s manufacturing operations in Indonesia and Malaysia and its businesses in Hong Kong and Japan, while Campbell Fresh includes Bolthouse Farms, Garden Fresh Gourmet and the company’s refrigerated soup business.
The company has hired Goldman Sachs Group Inc (GS.N) and Centerview Partners to sell the units, Reuters said.
Over the past two years, Campbell’s share price has fallen by a third as “young consumers turn away from its soups and Pepperidge Farm cookies”, the report further said.