Campbell Soup today said it is considering selling its businesses in Britain and Ireland, saying they have fallen short of its growth expectations.
The world’s largest soup maker, whose brands also include Pepperidge Farm baked goods and Godiva chocolate, said the businesses have annual sales of about £280m (€405m).
The British and Irish businesses include brands such as Homepride sauces, OXO dry stocks and Batchelors dry soup and meals.
“Our portfolio in the UK and Ireland includes some strong brands, but it is highly fragmented and has not met our company’s growth expectations,” said Douglas Conant, president and chief executive, in a statement.
“It is time to explore strategic alternatives as we strive to optimise the value of these businesses to our shareowners.”
New Jersey-based Campbell said it is still committed to growing its profit in both the international and North American markets.
The company has hired Goldman Sachs Group as its adviser.