Campbell Soup Co. is continuing to shed non-core business with the sale of its Kelsen Group division to a company affiliated with Ferrero Group for $300 million.
Kelsen, maker of Royal Dansk and Kjeldsens cookies and other baked snacks, had net sales of about $157 million last year. The sale, announced July 12, is expected to close in the first quarter of next year.
The Kelsen sale is the latest in a series of divestitures for Campbell, including Bolthouse Farms and Garden Fresh Gourmet. Kelsen is part of Campbell International, which also includes Arnott’s brand cookies and Campbell’s simple meals businesses in Australia and Asia. The company intends to sell off the rest of the international division, according to a release.
“The sale of Kelsen Group supports our strategy to focus on North America where we have iconic brands and strong market positions, while reducing debt,” CEO Mark Clouse said in the release.