Campbell Soup To Sell Denmark-based Kelsen For $300 Mln - Quick Facts

(RTTNews) - Campbell Soup Co. (CPB) announced Friday that it has signed a definitive agreement to sell Kelsen Group to a Ferrero affiliated company for $300 million. The deal price is subject to customary purchase price adjustments

The deal closure is expected to be in the first quarter of fiscal 2020. The company said the proceeds from the divestiture will help to reduce its debt.

Denmark-based Kelsen, with around 400 employees, produces quality baked snacks whose primary brands include Kjeldsens and Royal Dansk. It had net sales of approximately $157 million in the latest 12 months.

Kelsen is part of Campbell International. The company's process to divest the remainder of Campbell International, including Arnott's biscuits, 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. … Selling Kelsen separately from the rest of our international business generates the greatest possible value for Campbell."