Campbell Soup sells Australian biscuit maker Arnott's
Campbell Soup Company announced the sale of its famed Australian biscuit brand Arnott's on Friday to investment firm KKR for $2.2 billion.
The 150-year-old biscuit-maker, whose portfolio includes the Tim Tam, Shapes and Tiny Teddy brands, has long been a household favourite in Australia.
It was acquired by Campbell's international division in 1997.
Campbell's chief executive Mark Clouse said the company had considered "many" options during the sale, which also includes other snacks and ready meals sold in Australia, New Zealand and parts of Asia.
"Our approach has resulted in agreements that we believe generate the greatest value from our international assets," he said in a statement.
The deal will also see New York-based KKR take over Campbell's manufacturing plants in Australia, Indonesia and Malaysia.
"Campbell International represents a unique portfolio of iconic brands that are known and loved by consumers in Australia and across the world," KKR member David Lang said in a statement.
"We are privileged and excited to have the opportunity to invest in and grow Arnott's as an independent business in Australia, in addition to further developing Campbell's trusted brands across the broader Asian market."
© 2019 AFP