America’s foods giant, Campbell Soup Co., has just announced that it is selling its Danish unit, Kelsen Group.
The company said it will sell the company to an affiliate of Italian Italian confectionery group, Ferrero SpA for a transaction value of $300 million.
Belgian holding company CTH Invest, an affiliate of Ferrero said it will take over two plants owned by Kelsen.
Campbell’s Chief Executive Officer Mark Clouse said in a statement that: “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.”
According to a report by Reuters, Ferrero competed with other bidders, including a consortium comprising private equity firms KKR & Co and Bain Capital LP and Oreo cookies maker Mondelez International Inc, for Campbell’s international unit.