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Campbell completes sale of European chips business

Campbell Soup Co. on Oct. 11 said the company completed the sale of its European chips subsidiary to Valeo Foods, a portfolio company of private equity firm CapVest Partners LLP.

The New Jersey-based food company announced the £66 million deal in September 2018. The European subsidiary included Campbell's U.K.-based Kettle Foods Ltd. unit and its Netherlands-based Yellow Chips BV business.

As part of the agreement, Campbell will retain the Kettle brand business across all geographies except for Europe and the Middle East.

The canned-soup maker plans to use the proceeds from the divestiture to reduce debt.