Campbell Soup Co. has completed the sale of its European chips business to Ireland-based Valeo Foods for approximately $80 million.
The business includes U.K.-based Kettle Foods Ltd. and Netherlands-based Yellow Chips B.V. and had net sales of approximately $130 million in fiscal year 2019.
Campbell will retain Kettle Brand’s U.S. business and all other countries outside of Europe and the Middle East. It intends to grow Kettle Brand as an important piece of its snacks portfolio, which also includes the Cape Cod, Emerald, Goldfish, Lance, Late July, Milano, Pepperidge Farm, Snack Factory Pretzel Crisps and Snyder’s of Hanover brands.
The company will use the proceeds from the divestiture to reduce debt.
A Campbell spokesperson had no further comment on the sale.
