Campbell Soup Co. has sold French sauce business General Condimentaire (GECO) to edible oil maker Lesieur for an undisclosed sum.
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The US-based soup giant announced the deal last night (31 July), a move that will see the company focus on its soup business in France.
Campbell has licensed the Lesieur name for sauce and mayonnaise products made and sold by GECO, a business that enjoys annual sales of US$70m.
Lesieur, a company indirectly held by Sofiproteol, the financial arm of the French oilseed producers, will take on a manufacturing facility based in Dunkerque.
A spokesman for Campbell said the business did not fit with the company’s focus on simple meals, snacks and healthy beverages.
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By GlobalData“While Lesieur was a strong brand, it really did not fit Campbell’s European strategic focus,” the spokesman told just-food. “It was a licensed brand and we want to build our own brands and also it had a number three position on the mayonnaise market. We want to focus on brands that have a number one or number two market position.”
The deal, which is awaiting regulatory clearance, is expected to close within the next few months.
