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Campbell confirms sale of Australian snacks unit Arnott's to KKR for US$2.2 milliard
05.08.2019 12:36 "Agro Perspectiva" (Kyiv) —
As of last week, Campbell Soup Co (CPB.N) confirmed that it signed a deal to sell its Australian snacks unit Arnott’s and some of its international operations to KKR & Co Inc (KKR.N) for US$2.2 milliard as the U.S. company works on reducing debt, Reuters reports.
Campbell and KKR will enter into a long-term licensing arrangement for the exclusive rights to use certain Campbell brands, including Campbell’s, Swanson, V8, Prego, Chunky and Campbell’s Real Stock, in Australia, New Zealand, Malaysia and other select markets, the company said.
«This was a thorough and complex process in which we considered many options,» Campbell Chief Executive Officer Mark Clouse said.
«By applying almost US$3 milliard of divestiture net proceeds to reduce debt, Campbell’s balance sheet will be stronger and capable of supporting our plan to grow our focused and differentiated portfolio,» he admitted.
It is to be reminded, Campbell had put its international unit and ‘Fresh’ unit up for sale last year as it wanted to focus on its core North American businesses and reduce debt. It was also under pressure from investors to improve profitability and stock performance.
It is to be noted, as of this year Jul, US packaged food company said it would sell its Danish unit Kelsen Group to an affiliate of Nutella maker Ferrero SpA for US$300 million.
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