Camden, N.J., July 31, 2008 - Campbell Soup Company today announced it has entered into an agreement to sell its Generale Condimentaire (GECO) business to Lesieur, a company indirectly held by Sofiproteol, the financial arm of the French oilseed producers.
Financial terms of the agreement were not disclosed.
The agreement is subject to the customary closing condition of merger clearance. Closing is expected within the next few months.
Campbell's GECO business comprises sauce and mayonnaise products sold under the "Lesieur" brand in France and a manufacturing facility in Dunkerque, France, which employs 102 people. The GECO business has annual sales of approximately $70 million. Campbell currently licenses the "Lesieur" name from Lesieur and makes annual payments for the use of the brand.
Campbell will focus its business in France on growing its presence in the simple meals category, particularly with its soup business where it owns the market-leading "Liebig" soup brand. Campbell employs 400 people across its offices in Boulogne-Billancourt and its manufacturing site in Le Pontet.