New in brief
Campbell finalises divestiture process with sale of Aussie’s biggest biscuit company
The FMCG giant announced late December it had completed the sale of Arnott’s Biscuits, along with certain International operations, to private equity firm KKR for approximately $2.2bn in cash.
In total, Campbell has now offloaded its entire Campbell International division, including the Kelsen Group, its Campbell Fresh division and its European Chips business.
The company says it will now focus on its two core North American businesses: Snacks and Meals & Beverages.
Campbell’s International operations also include its simple meals businesses in Australia, Malaysia, Hong Kong and Japan, as well as the Sydney-based Arnott’s, which it acquired in 1997.
Under the agreement, Campbell and KKR have entered into a long-term licensing arrangement for the exclusive rights to distribute certain Campbell brands, including Campbell’s, Swanson, V8, Prego, Chunky and Campbell’s Real Stock, in Australasia and EMEA.