CAMDEN, NJ, August 26, 2024–(BUSINESS WIRE)–Campbell Soup Company (NASDAQ:CPB) today announced the completed sale of its Pop Secret popcorn business to Our Home, an independent healthier snacking company. Terms of the transaction were not disclosed.
The Pop Secret business generated net revenues of approximately $120 million in fiscal 2024. The transaction is expected to be dilutive to Campbell’s fiscal 2025 earnings per share by approximately $0.04, reflecting the timing of a transition services agreement and cost measures.
Chris Foley, Executive Vice President and President of Campbell’s Snacks, said: “This is another step in our journey to strategically focus our snack portfolio. The sale of Pop Secret will result in greater focus and accelerated growth of our snack division and portfolio of leading brands.”
BofA Securities acted as exclusive financial advisor and Blank Rome acted as legal advisor to Campbell’s in the transaction.
About Campbell
For more than 150 years, Campbell (NASDAQ:CPB) has connected people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. Headquartered in Camden, NJ, the company has been in business since 1869 and had fiscal year 2023 net sales of $9.4 billion. Our portfolio includes iconic brands like Campbell’s, Cape Cod, Goldfish, Kettle Brand, lance, End of July, Milan, Michael Angelos, noosa, tempo, Pacific Food, Pepperidge Farm, pregnancy, Restaurant Rao, Snyder’s of Hanover, Swanson And The V8. Campbell has a long history of giving back and environmental commitment. The company is a member of the Standard & Poor’s 500, FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com.
Forward-looking statements
This press release contains certain forward-looking statements within the meaning of the United States securities laws. These forward-looking statements are based on management’s current expectations and assumptions. The forward-looking statements, including statements regarding our current expectations with respect to the transaction, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. We undertake no obligation to update or revise these forward-looking statements to reflect new events or circumstances.
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