Camden-based Campbell Soup Co. completed the sale of its Danish snack division Kelsen Group to a Ferrero affiliated company for a purchase price of $300 million, subject to customary adjustments. Campbell will use the proceeds from the divestiture to reduce debt.
The sale of the international snack brand comes as Campbell divests itself of several divisions, such as its fresh food portfolio that included Bolthouse Farms.
Based in Nørre Snede, Denmark, Kelsen is a producer of baked snacks whose primary brands include Kjeldsens and Royal Dansk. The company has approximately 400 employees.
Earlier this summer, Campbell announced an agreement to sell Arnott’s and certain of Campbell’s International operations to KKR for approximately $2.2 billion. Campbell continues to expect that transaction to close in the first half of fiscal 2020.