Campbell Soup Co. (CPB) Monday agreed to acquire Danish baked-snacks maker Kelsen Group A/S from Maj Invest, a private equity firm, and several other investors.
The deal, whose financial terms were not disclosed, is part of Campbell's expansion into higher-growth spaces, including fast-growing emerging markets like China.
Campbell expects the deal to be modestly accretive, beginning in 2014.
"Kelsen will give Campbell a solid platform for growth in baked snacks in China and for the expansion of our international footprint," said Denise Morrison, Campbell's chief executive officer.
Kelsen, based in Nørre Snede, Denmark, is a producer of baked snacks that are sold in 85 countries. Its primary brands include Kjeldsens and Royal Dansk. Kelsen employs 366 people worldwide.
Kelsen generated $180 million in net sales for the year ended December 2012. The company has been exporting premium Danish butter cookies to China for over two decades. Its Kjeldsens brand has strong presence, and its sales in China have grown at a compound rate exceeding 28 percent in the last three years.
Campbell plans to operate Kelsen as a standalone business based in Denmark, reporting to Luca Mignini, president - Campbell International.
Kelsen's brands are expected to complement Campbell's portfolio of baked snacks, including Pepperidge Farm cookies and crackers in North America and Arnott's biscuits in Australia.
Earlier this month, Campbell closed its acquisition of Plum Organics, a organic foods and snacks supplier for babies and children. Plum Organics generated $93 million in gross sales for the year ended December 2012.
Campbell closed Monday at $45.13, up 0.76%, on a volume of over 1 million shares on the NYSE. In after hours, the stock fell 0.15%.
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