US food manufacturer Campbell Soup Company today (24 March) said that following a review of Campbell’s international portfolio the company had decided to ‘explore strategic alternatives’ for its businesses in the UK and Ireland. These alternatives, the company said, include possible divestiture.
Douglas Conant, Campbell’s president and chief executive officer, said: “Our portfolio in the UK and Ireland includes some strong brands, but it is highly fragmented and has not met our company’s growth expectations. It is time to explore strategic alternatives as we strive to optimise the value of these businesses to our shareowners. We remain committed to pursuing the best opportunities for profitable growth in international markets as well as in North America.”
Sales in the UK and Ireland generate annual sales of about US$490m and include popular brands such as Homepride, OXO, Batchelors and Fray Bentos.