Campbell Further Honing Its Focus on North America With Sale of Kelsen; Shares a Touch Undervalued
Building on its announcement in August 2018 and following the sale of its fresh business earlier in 2019 (which generated proceeds of $565 million), wide-moat Campbell announced on July 12 it plans to sell Kelsen, its baked-snacking business (including brands such as Kjeldsens and Royal Dansk), to privately held Ferrero for $300 million. The deal, which is expected to close by the end of October, implies a valuation of about 2 times trailing sales (in line with the low-single-digit multiple expe...Campbell Soup is a manufacturer and marketer of food and beverage products. The company's reportable segments are: Meals and Beverages, which includes the retail and foodservice businesses in the United States and Canada, and the meals and shelf-stable beverages business in Latin America; Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in United States retail, including Milano cookies and Goldfish crackers, and Snyder's of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the United States and Canada.
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