Facebook Twitter LinkedIn Google Plus RSS

Report: Campbell hires Goldman to scout possible divestitures

By ,

Campbell Soup Co. has recruited Goldman Sachs to look into selling some of its businesses to pay off debt, according to a published report.

CNBC, citing an unnamed source, reported the Camden-based food company is looking to sell Australian cookie brand Arnott’s Biscuits and its fresh food unit, which includes smoothie brand Bolthouse Farms and Garden Fresh Gourmet salsa.

"The board is conducting a comprehensive strategic and operational review of the business to examine all potential paths forward and will announce its decision on Aug. 30 when Campbell reports fiscal fourth-quarter results," a Campbell spokesperson said via email. "In the interim, we will not speculate on the result of the review or comment on rumors."

Goldman Sachs did not return request for comment by press time.

Campbell shares fell 3.8 percent Friday morning after CNBC broke the story, but those losses were recouped with the stock up two cents a share by mid-afternoon.

The company reported $9.6 billion in debt at the end of last quarter, up from $3.1 billion a year earlier due to its $6.1 billion acquisition of snack food company Snyders-Lance.

Also Popular on NJBIZ

Gabrielle Saulsbery

Gabrielle Saulsbery

Albany, N.Y. native Gabrielle Saulsbery is a staff writer for NJBIZ and the newest thing in New Jersey. You can contact her at gsaulsbery@njbiz.com.

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy