USA: Campbell Soup - DBRS comments on acquisition of Unilever's European culinary brands
Campbell Soup Company ("Campbell" or "the Company") has announced an agreement to purchase several market-leading European culinary brand businesses from Unilever for EUR1 billion (US$950 million). The acquisition expands and strengthens Campbell's market presence in European dry soup and bouillon markets. This acquisition makes Campbell the market leader in the U.K., Belgium, France, Germany, Sweden and Finland, with 30% of the European market compared with 20% previously, with all but one of the acquired brands number one or two in their respective markets. The combined brands should add over $400 million sales and $50 million EBIT to Campbell going forward. If included for F2000, these businesses increase Campbell Europe's sales from $568 million to $982 million pro forma. The acquired businesses have 58% of sales from the instant soup, bouillon, and noodles segment.
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