Campbell Soup Company has announced that it has completed the sale of its European Chips Business to Valeo Foods for £66 million (€75.3 million).
The European Chips Business comprises UK-based Kettle Foods Limited and its sister company, Yellow Chips B.V. in the Netherlands.
The food giant will retain the Kettle Brand business in the United States and the rest of the world, except for Europe and the Middle East.
The proceeds from the divestiture will be used to reduce debt, the company said. In fiscal 2019, Campbell's European Chips Business registered net sales of approximately $130 million.
The results of the European Chips Business through the time of sale will remain part of continuing operations within the company's snacks segment, Campbell added.
In September this year, the food company decided to offload its European Chips Business to Valeo Foods.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.