The Valeo Foods Group, a consumer packaged goods company based in Ireland, will acquire the European chips business from the Campbell Soup Co., Camden, N.J., for approximately $80 million. The business includes Kettle Foods Ltd., which is based in the United Kingdom, and Yellow Chips B.V., which is based in The Netherlands.
Campbell Soup will retain the Kettle brand business in the United States and all other geographies except for Europe and the Middle East, according to the terms of the agreement. Campbell said it intends to grow the Kettle brand within its Snacks business unit portfolio.
Valeo Foods Group has operations in Ireland, the U.K. and continental Europe, and annual sales of approximately $930 million. Products in the company’s portfolio include snacks, sweets, baking and meal ingredients, and beverages.
During the past few months, Campbell Soup has been divesting many of its businesses outside the United States. In early July, the company announced plans to sell the Kelsen Group to an affiliate of the Ferrero Group for $300 million. A few weeks later, Campbell Soup announced it will sell its Arnott’s snack business and its simple meals and shelf-stable beverages business, both of which are in Australia and Asia Pacific, to the private equity firm KKR & Co., Inc., for $2.2 billion.
By Keith Nunes
Source: Food Business News
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.