Campbell Pondering the Sale of Its Kettle Potato Chips Brand
US good giant Campbell has hired advisers to assess the future of its Kettle potato chips brand, reports Irish News. According to information Barclays was brought on by Campbell to explore a potential sale of the chips business.
Kettle was acquired by Campbell as part of its 2017 acquisition of American food group Snyder’s-Lance. On top of its US plant, the snack company employs almost 500 people across two Norfolk sites in the UK. An unnamed sourced revealed that the UK arm of Kettle could be worth between GBP50m and GBP100m. However, it is understood that Campbell is aiming to sell the global Kettle Foods business as a whole.
The sales plan comea after Kettle’s performance experienced a decline, following intense competition in the UK market. The company registered GBP4.3m loss in the seven month period leading to July 31, 2018, slumping from GBP51,000 profit for the 2017 full-year.
Kettle Chips was founded in 1978 in Oregon, U.S, before starting UK production from a converted shoe factory in Norwich 10 years later.
Last month, Campbell also announced plans to sell its Bolthouse Farms business to a private equity firm for USD510m in a bid to generate funds.