What’s fresh has got to go: Campbell Soup Co. plans to name buyers for Bolthouse Farms and its international arm by the end of its fiscal year in July.
Plans to sell its fresh and international businesses have been in the works since the company announced the results of its board-led strategic review in August 2018.
Reuters reported in December that Kraft Heinz Co. and Mondelez International Inc. were both interested in Campbell’s international business, including Danish baked snacks maker Kelsen Group and Australian cookie brand Arnott’s.
“Bolthouse Farms is an attractive business with strong brands, and we’re pleased with the high level of interest from both strategic and financial buyers,” a Campbell’s spokesperson said via email. “We’re focused on completing the transaction in a timely and disciplined manner that maximizes value.”
On Campbell’s earnings call Tuesday morning, CEO Mark Clouse said the company will ensure that it achieves appropriate value for their fresh and international assets. The company plans to use proceeds from these transactions to pay down debt.