- Campbell Soup Company (NYSE:CPB) announced the sale of its Emerald Nuts business to Flagstone Foods. Disposal terms have not been disclosed.
- The Emerald Nuts business generated net sales of $66 million in fiscal 2022. The unit generated $46 million for the nine months ended April 30, 2023.
- The transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal 2024.
- “The sale of the Emerald Nuts business is part of our ongoing strategic process to create even greater focus on driving accelerated growth across our Snacks division and power brands,” Chris Foley, Executive Vice President and President, Campbell Snacks said.
- CPB does not expect the sale to have a material impact on its fiscal 2023 financial results.
- Campbell acquired the Emerald Nuts business as part of the 2018 Snyder’s-Lance, Inc. acquisition. Emerald Nuts manufactures and distributes private-label healthy snacks in North America.
- Price Action: CPB shares are trading lower by 1.18% to $50.90 on the last check Tuesday.
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