Kettle Chips sold to European food giant
The firm that makes Kettle Chips, based in Norwich, is to be sold.
Campbell Soup Company announced it has signed an agreement for the intended sale to Valeo Foods, makers of famous brands like Rowse Honey and Fox's Glacier Mints.
The intended sale is for approximately £66 million. Under the terms of the agreement, Campbell will retain the Kettle brand in the US and all other geographies except for Europe and the Middle East.
Kettle Foods Limited makes hand-cooked crisps, popcorn, rice snacks and vegetable-based chips. Its primary brands are Kettle Chips and Metcalfe's skinny popcorn. The sale also includes Netherlands-based Yellow Chips.
The transaction is expected to close in the first quarter of 2020.
Valeo Foods Group has operations in Ireland, the UK and Continental Europe and sales to approximately 90 countries, with annual sales of approximately £776 million, before the currently proposed acquisition of Kettle Foods.
It owns a portfolio of popular consumer brands, many of them household names in their markets, including Barratt, and XXX Mints, Jacob's, Batchelors, Odlums, Shamrock, Kelkin, Robert Roberts, Pedro and Balconi. In total, Valeo Foods has 68 international brands.
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The Group is a leader in sweet treats, health and wellness, baking and meal ingredients, out-of-home beverages and food service and has 21 locations across Ireland, the UK and Continental Europe.