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MarketScreener Homepage  >  Equities  >  Nyse  >  Campbell Soup Company    CPB

CAMPBELL SOUP COMPANY

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Campbell Soup : to sell Bolthouse Farms for $510 million

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04/12/2019 | 02:44pm EDT
FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the NYSE in New York

(Reuters) - Campbell Soup Co said on Friday it would sell its Bolthouse Farms business to an affiliate of private equity firm Butterfly Equity for $510 million, in the U.S. food company's first major sale as part of its plan to reduce debt.

With the completion of deal, expected by July 2019, Campbell will have divested its entire fresh division, it said. In February, it agreed to sell salsa maker Garden Fresh Gourmet to a unit of Fountain of Health USA, which makes hummus, dips and prepared salads.

Butterfly said its operating partner Jeff Dunn will take the role of chief executive officer at Bolthouse Farms, where he previously served as president and CEO between 2008 and 2015.

Campbell bought Bolthouse, known for its fruit juices and packaged carrots, in 2012 for about $1.55 billion in a push to add healthier products to its portfolio.

The business, however, has struggled in recent years, with issues ranging from farming missteps to the recall of 3.8 million bottles of protein shakes due to possible spoilage.

The fresh food unit along with Campbell's international business, has been up for sale since August after the company was pressured by investors to boost its profitability and stock performance.

"The sale of Bolthouse Farms supports our strategy to focus on our two core North American businesses, Campbell Snacks and Campbell Meals and Beverages," CEO Mark Clouse said.

The packaged foods maker said the proceeds from deal would help reduce debt by about $570 million and that the transaction is not expected to impact the company's fiscal 2019 forecast.

(Reporting by Uday Sampath and Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli)

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Financials (USD)
Sales 2019 9 153 M
EBIT 2019 1 399 M
Net income 2019 338 M
Debt 2019 8 812 M
Yield 2019 3,42%
P/E ratio 2019 37,1x
P/E ratio 2020 16,9x
EV / Sales2019 2,32x
EV / Sales2020 2,28x
Capitalization 12 389 M
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Mean consensus UNDERPERFORM
Number of Analysts 17
Average target price 39,34  $
Last Close Price 41,14  $
Spread / Highest target 16,7%
Spread / Average Target -4,37%
Spread / Lowest Target -29,5%
EPS Revisions
Managers
NameTitle
Mark A. Clouse President, Chief Executive Officer & Director
Les C. Vinney Chairman
Luca Mignini Chief Operating Officer & Senior Vice President
Anthony P. DiSilvestro Chief Financial Officer & Senior Vice President
Francisco Fraga Chief Technology & Information Officer, VP
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