Continuing on its journey of expansion in the United States, the Italian company Ferrero, known mostly for its trademark product Nutella and other Italian chocolates and sweets, signed an agreement with the American Campbell Soup Company for the purchase of Kelsen, a Danish cookie company famous for its old fashioned butter biscuits, for $300 million.
The Italian confectionary company born in 1946 in the town of Alba in Piedmont has come a long way from being the local pastry shop it once was. It is now a multinational company and has lately been focusing on expanding into the US market.
After recent acquisitions, including that of several businesses from the Kellogg Company for $1,3 billion, it has become the third-largest confectionary company in North America.
On the other hand, Campbell, the canned soup, ready meals and baked goods giant, an icon of American pop and consumer culture rendered famous across the globe by Andy Warhol’s photo series in the 1960s, is currently divesting from its international products.
“The sale of Kelsen Group supports our strategy to focus on North America where we have iconic brands and strong market positions while reducing debt,” commented Campbell’s President and CEO Mark Clouse, who added that the company is proceeding with the sale if the remainder of their international operations.
Meanwhile, Campbell announced that the Kelsen sale is set to happen by the first quarter of 2020. The Danish group, whose major brands are Kjeldsens and Royal Dansk, both manufacturers of traditional butter biscuits often served in lovely metal tin boxes, seem like an appropriate addition to Ferrero’s North American holdings, one in line with the company’s ongoing expansion plan.