2023-05-30 09:23:44 ET
Campbell Soup Company ( NYSE: CPB ) announced the sale of the Emerald nuts business to Flagstone Foods on Tuesday. Financial terms of the asset deal were not disclosed.
The food company acquired the Emerald nuts business as part of the 2018 Snyder’s-Lance acquisition. The Emerald business generated net sales of $66M in fiscal 2022 and $46M for the nine-month period ending on April 30.
Campbell Soup ( CPB ) said the divestiture is not anticipated to have a material impact to its fiscal 2023 financial results. The transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal 2024, reflecting the timing of a transition service agreement and cost actions.
The sale of the Emerald business was noted by execs to be part of Campbell Soup's ( CPB ) ongoing strategic process to create even greater focus on driving accelerated growth across the Snacks division and power brands.
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Campbell Soup unloads Emerald nuts business as part of strategy to narrow focus