Campbell Soup Co. has signed a definitive agreement to sell its refrigerated soup plant in Everett, Wash., to an affiliate of the Joshua Green Corp., a Seattle-based private investment company. Financial terms of the transaction were not disclosed.
The 225,000-square-foot facility is part of the Campbell Fresh division, which includes the Bolthouse Farms and Garden Fresh Gourmet businesses. On Aug. 30, 2018, Campbell Soup Co. announced plans to divest the Campbell Fresh and Campbell International business units as part of a strategic plan to reduce debt and strengthen the balance sheet. Poor financial performance and pressure from some investors prompted the review.
Brands that will remain a part of the company’s portfolio include Campbell’s Soup, Goldfish, Kettle Brand, Pepperidge Farm, Prego, V8 and others.
The Joshua Green Corp. invests in various assets, including private companies, publicly traded equities and commercial real estate.
The transaction is expected to close in the third quarter of fiscal 2019.
By Monica Watrous
Source: Food Business News
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