Campbell Soup Company (NASDAQ: CPB) said on Monday that it had finalized the sale of the Pop Secret popcorn business to Our Home.
However, the company did not disclose any financial details of the transaction.
The Pop Secret business generated about $120 million in net sales during fiscal 2024.
“This marks another step in our journey to strategically focus our Snacks portfolio. The sale of Pop Secret will drive greater focus and accelerated growth across our Snacks division and portfolio of leading brands,” Chris Foley, Executive Vice President and President, Campbell’s Snacks, said in a press release.
BofA Securities was the sole financial advisor and Blank Rome provided legal counsel to Campbell Soup Co.
Stock Performance
The shares of Campbell Soup Company (CPB) closed 0.71% ($0.36) lower at $50.44 on Nasdaq on Monday, as they snapped a six-day streak of gains.
The company’s total market cap now stands at $15.059 billion.
The shares of Campbell Soup Company (CPB) went down 23.82% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 16.68% so far this year.
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