Campbell Soup Co. is to use around US$600m of the proceeds from its sale of upmarket chocolate business Godiva for a share buyback.
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The US food group said last night (18 March) that it had sealed the sale of Godiva to Turkish conglomerate Yildiz Holding for US$850m.
President and CEO Doug Conant said: “This latest share repurchase program represents our ongoing confidence in our more focused portfolio and is a continuation of our commitment to deliver strong investor returns.”
The sale of Godiva, first announced in December, paved the way for Campbell to issue an update to its earnings guidance for fiscal 2008.
The company said it expects to see sales growth “in excess” of 3-4% and growth in underlying operating profit of 5-7%.
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