CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE: CPB) announced today that it has completed the sale of Kelsen Group to a Ferrero affiliated company for a purchase price of $300 million, subject to customary adjustments. Campbell will use the proceeds from the divestiture to reduce debt.
Based in Nørre Snede, Denmark, Kelsen is a producer of quality baked snacks whose primary brands include Kjeldsens and Royal Dansk. The company has approximately 400 employees.
On Aug. 2, Campbell announced a definitive agreement to sell Arnott’s and certain of Campbell’s International operations to KKR for approximately $2.2 billion. Campbell continues to expect that transaction to close in the first half of fiscal 2020.
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 FTSE4Good Index. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.
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.