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Campbell Soup sells European chip brands, including Kettle

The deal is part of an effort to focus on North American businesses and to raise money to reduce debt.

Courtesy photo shows various European snack brands owned by Campbell Soup. The snack brands are part of businesses that Campbell is selling in a bid to reduce debt and focus on its core North American business.
Courtesy photo shows various European snack brands owned by Campbell Soup. The snack brands are part of businesses that Campbell is selling in a bid to reduce debt and focus on its core North American business.Read moreCampbell Soup Co.

Campbell Soup Co. has agreed to sell its European chip brands for $80 million to Valeo Foods, the Camden company said Monday.

The two businesses — Kettle Brands Ltd., based in Norwich, England, and Yellow Chips B.V. — were purchased in 2018 as part of the Snyder’s-Lance Inc. acquisition. Campbell said it will continue selling Kettle chips in the United States, where it also owns Cape Cod potato chips and other salty snack brands, such as Snyder’s of Hanover.

The sale is part of Campbell’s plan to sell overseas businesses to pay off debt and concentrate on its core North American business.

This year, Campbell also sold Bolthouse Farm and other businesses that were part of a push into fresher foods. In all, the company raised about $3 billion. The company had $9.67 billion in debt when its most recent fiscal year ended July 29.

So far this year, Campbell’s shares are up 38 percent, as the company’s new CEO Mark Clouse works to get Campbell on a growth track. Company shares closed Tuesday at $45.43, up $0.43 (0.96%) on the New York Stock Exchange.