Campbell Agrees to Sell U.K. and Irish Businesses to Premier Foods plc.CAMDEN Camden, borough, Greater London, England Camden, inner borough (1991 pop. 170,500) of Greater London, SE England. Within the borough, residential Hampstead is popular with writers and artists. , N.J. -- Campbell Soup Company Campbell Soup Company (NYSE: CPB) (also known as Campbell's) is a well-known American producer of canned soups and related products. Campbell's products are sold in 120 countries around the world. It is headquartered in Camden, New Jersey. (NYSE NYSE See: New York Stock Exchange :CPB CPB see cardiopulmonary bypass. CPB Cardiopulmonary bypass. See Port-Access cardiopulmonary bypass. ) today announced it has entered into an agreement to sell its U.K. and Irish businesses to Premier Foods plc for cash proceeds of approximately $845 million. The businesses have annual sales of approximately $480 million. The sale is subject to approval by Premier's shareholders. Campbell anticipates that the sale will be completed within the next few months. Further information about the financial impact of the transaction will be released following the completion of the sale. Campbell announced in March that it was exploring strategic alternatives, including divestiture, for its U.K. and Irish businesses following a review of its international portfolio as part of the company's ongoing strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. process. Products manufactured by Campbell's U.K. and Irish businesses include "Homepride" sauces, "OXO OXO Også (Norwegian: as well, too) " dry stocks, "Batchelors" dry soup and meals, "Erin" dry soups and sauces, and "Fray Bentos" meat products. The sale includes three manufacturing plants in the U.K. and one manufacturing site in Ireland. About Campbell Soup Company Campbell Soup Company is a global manufacturer and marketer of high quality simple meals, including soup, baked snacks, vegetable-based beverages, and premium chocolate products. Founded in 1869, the company has a portfolio of more than 20 market-leading brands, including "Campbell's," "Pepperidge Farm," "Arnott's," "V8," and "Godiva." For more information on the company, visit Campbell's website at www.campbellsoupcompany.com. |
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