Campbell completes $80M sale of European chip unit

Campbell Soup Co. has completed the $80 million sale of its European Chips Business to Valeo Foods, it announced Friday.

The Camden-based food products company said in a news release that the previously announced deal with the portfolio company of CapVest Partners LLP was valued at about 66 million pounds. The transaction includes U.K.-based Kettle Foods Ltd. and Netherlands-based Yellow Chips B.V.

Campbell said it will retain the Kettle Brand business in the U.S. and globally, except for Europe and the Middle East.

The company said it intends to use the proceeds from the deal to pay down debt.

The deal was first announced in September.

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