Campbell Soup Divests from European Chips Business

American food firm Campbell Soup Company entered into an agreement to sell its European chips business, including the U.K. firm Kettle Foods Limited and Dutch entity Yellow Chips B.V., to Valeo Foods for $80 million, a company release announced Monday.  

Kettle Foods manufactures hand-cooked crisps, popcorn, rice snacks, and vegetable-based chips. Headquartered in the Netherlands, Yellow Chips produces vegetable and organic potato chips, which are sold under private labels and its own brands. 

Campbell will continue to own the Kettle brand business in the U.S. and other regions except for Europe and the Middle East. The American firm’s Snacks portfolio includes a wide range of brands, including Cape Cod, Pepperidge Farm, and Snyder’s of Hanover.

The deal is slated to close in the first quarter of FY2020 pending the completion of customary closing conditions and regulatory approvals. Campbell plans to use proceeds from the sale to reduce its debt. 

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