Campbell completes int’l business divestiture with close of Arnott’s sale

Campbell Soup Co. completed its sale of Arnott’s to New York-based KKR for approximately $2.2 billion in cash, subject to customary adjustments.

Campbell has now completed the sale of its entire international division.

Campbell acquired Arnott’s, which makes crackers and cookies, including well-known Tim Tams, in 1997.

Under the terms of the new agreement, Campbell and KKR entered into a longterm licensing arrangement for exclusive rights to the use of Campbell brands including Campbell’s, Swanson, V8, Prego, Chunky and Campbell’s Real Stock, in Australia, New Zealand, Malaysia and other select markets in Asia, Europe, the Middle East and Africa.

Campbell announced planned divestitures of its international and fresh foods divisions in August 2018 at the conclusion of its board-led strategic review. It also divested and sold its European chips business.

Now, the Camden-based company is focused on its two core North American businesses, meals and beverages and snacks. It has used, and will continue to use, total net proceeds of approximately $3 billion from the divestitures to reduce debt.

A representative from Campbell declined to comment further, and referred NJBIZ to a company press release announcing the close of the sale.

Editor’s note: This story has been updated to include response from Campbell Soup Co.