Campbell Soup Company has announced that it has signed a definitive agreement for the sale of Garden Fresh Gourmet to an affiliate of Fountain of Health USA.
Fountain of Health specialises in products such as hummus, dips, variety packs, prepared salads, pâtés, and frozen desserts.
Garden Fresh Gourmet is part of the Campbell Fresh division, which also includes Bolthouse Farms.
The company recently announced the sale of its Everett refrigerated soup plant that was also part of Campbell Fresh.
Divesting Businesses
Campbell is in the process of divesting both its Campbell Fresh and Campbell International businesses to increase the company’s focus, significantly reduce debt and strengthen its balance sheet.
The group added that the processes to sell Bolthouse Farms and Campbell International are both on-track, and the soup maker expects to name buyers by the end of fiscal 2019.
Terms of the transaction were not disclosed, and it is subject to customary closing conditions.
Campbell said it expects to close in its fiscal 2019 third quarter.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
