Campbell Soup Co., the world's largest soupmaker, said on Thursday it has agreed to sell its Godiva Chocolatier unit to Yildiz Holding A.Z. for $850 million.
Yildiz, the owner of the Ulker Group, is the largest consumer goods company in Turkish food industry with biscuits, chocolate, confectionery, food and beverages and dairy businesses.
The agreement allows Ãœlker to expand and diversify its portfolio with an elite, global luxury brand and enables Campbell to sharpen our strategic focus on simple meals, anchored by soup, baked snacks, and vegetable-based beverages. Douglas R. Conant, Campbell's President and Chief Executive Officer, said.
The sales price represents 15 times of the chocolate's unit earnings.
In August, Campbell announced it was exploring strategic alternatives for Godiva, including possible divestiture. At the time, Campbell indicated that Godiva did not fit with its strategic focus on simple meals, baked snacks, and vegetable-based beverages.
Godiva products, One of the world's leading premium chocolate businesses, are sold through company-owned and franchised retail stores, wholesale distribution points, including specialty retailers and finer department stores, and on the internet.