Why Campbell Soup Is Selling Its 'Fresh' Business
August 31, 2018 | 1 min to read
Campbell Soup Company will focus on its North American packaged food and its snack unit, while putting up for sale its “non-core” international and refrigerated food businesses, the company announced on Thursday.
In its fourth-quarter results, Campbell’s reported almost $8.7 billion in sales, with $469 million in earnings before interest and taxes. The EBIT figure is just over a third of its 2017 performance.
Campbell’s announced the move amid an attack from activist shareholder Third Point, which earlier this month began campaigning for the company to sell itself to another food maker. Shares rose when Third Point announced its position. In May, Campbell CEO Denise Morrison resigned amidst declining revenues.
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