Campbell Soup, the US foods manufacturer, is continuing to shed non-core businesses, this time striking a deal to offload its European crisps business, including the Kettle brand, to the Irish firm Valeo Foods.
The US company said it would use the proceeds from the sale, which is valued at around £66 million ($79 million) to reduce debt.
Campbell Soup’s European Chips business includes UK-based Kettle Foods and Netherlands-based Yellow Chips. Headquartered in Norwich, Kettle Foods makes hand-cooked crisps, popcorn, rice snacks and vegetable-based chips. Its primary brands are Kettle Chips and Metcalfe’s Skinny Popcorn. Yellow Chips is a producer of vegetable and organic potato chips for private label customers, as well as marketing its own brands such as Go Pure.
Under the terms of the agreement, Campbell Soup said it would retain the Kettle Brand business in the United States and all other geographies except for Europe and the Middle East.
The transaction is expected to close in the first quarter of fiscal 2020.
Source: Campbell Soup