Campbell and a Ferrero Affiliated Company Sign Definitive Agreement for Sale of Kelsen Group for $300 Million
July 12 2019 - 4:10AM
Business Wire
Campbell Soup Company (NYSE: CPB) announced today that it
has signed a definitive agreement for the sale of Kelsen Group to a
Ferrero affiliated company for $300 million, subject to customary
purchase price adjustments. Proceeds from the divestiture will
allow Campbell to reduce debt.
Based in Nørre Snede, Denmark, Kelsen is a producer of quality
baked snacks whose primary brands include Kjeldsens and Royal
Dansk. Kelsen had net sales of approximately $157 million in the
latest 12 months. The company has approximately 400 employees.
Kelsen is part of Campbell International, which also includes
Arnott’s biscuits, Campbell’s simple meals businesses in Australia,
Malaysia, Hong Kong and Japan, and manufacturing operations in
Australia, Indonesia and Malaysia. The process to divest the
remainder of Campbell International, including Arnott’s, is
proceeding.
Mark Clouse, Campbell’s President and CEO, said, “The sale of
Kelsen Group supports our strategy to focus on North America where
we have iconic brands and strong market positions, while reducing
debt. Throughout the divestiture process, we have considered many
options for our valuable international assets. Selling Kelsen
separately from the rest of our international business generates
the greatest possible value for Campbell. We are committed to the
divestiture of the remainder of our international operations and
will remain disciplined as we move forward.”
Closing is expected in the first quarter of fiscal 2020.
Campbell was advised by Centerview Partners, Goldman Sachs and
Weil, Gotshal & Manges LLP.
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 Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com or follow
company news on Twitter via @CampbellSoupCo.
About Ferrero Affiliated Company
CTH is a Belgian holding company affiliated to the Ferrero
Group.
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 Campbell’s ability to
execute on and realize the expected benefits from the actions it
intends to take as a result of its recent strategy and portfolio
review; the ability to differentiate its products and protect its
category leading positions, especially in soup; the ability to
complete and to realize the projected benefits of planned
divestitures and other business portfolio changes; Campbell’s
indebtedness and ability to pay such indebtedness; and changes in
currency exchange rates, tax rates, interest rates, debt and equity
markets, inflation rates, economic conditions, law, regulation and
other external factors. Campbell disclaims any obligation or intent
to update the forward-looking statements to reflect events or
circumstances after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190712005114/en/
INVESTOR CONTACT: Ken Gosnell (856)
342-6081 Ken_Gosnell@campbellsoup.com
MEDIA CONTACT: Thomas Hushen (856)
342-5227 Thomas_Hushen@campbellsoup.com
Campbell Soup (NYSE:CPB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Campbell Soup (NYSE:CPB)
Historical Stock Chart
From Sep 2023 to Sep 2024