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December 2, 2008 11:46:10 AM CST

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Campbell's Sells Godiva

Posted Dec 21, 07 11:59 AM CST in Business 

(Newser) – To ensure that its bottom line stays “M'm! M'm! Good,” the Campbell Soup Company sold its upscale Godiva chocolate brand yesterday for $850 million. Yildiz Holding of Turkey beat out Starbucks and Hershey’s to nab the Belgian chocolatier, which racks up $500 million in annual sales, the New York Times reports. The sale will help Campbell’s recover from a 7.2% drop in its first-quarter net.

Campbell’s sold Godiva to turn its attention to its core businesses of soups and snacks. The luxury chocolate maker, which Campbell's bought in 1967, didn’t seem to square with the company’s new healthy-eating initiative. Godiva will be part of Yildiz's Ulker Group, Turkey’s largest producer of consumer goods.

Source New York Times

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    Campbell's to Shed Chocolatier Campbell's may be trimming some fat from its budget: Bloomberg reports the food company is looking to sell the luxe Godiva brand, which is weighing down on the more wholesome corners of its pyramid. Campbell's is intent on slurping up new markets in Russia and China, and the sweets trade—7% of the iconic soupmaker's business—may be a distraction. More »

Godiva, the Belgian chocolate maker, nets with $500 million in annual sales. (JOHN THYS/AFP/Getty Images)   (Getty Images)
The Campbell Soup Company sold its Godiva Chocolatier unit yesterday to Yildiz Holding of Turkey for $850 million. (AP Photo/Lisa Poole, file)   (Associated Press)
Godiva Chocolatier, subsidiary of Campbell Soup Company, was sold yesterday to Yildiz Holding of Turkey for $850 million. (Matthew Simmons/Getty Images)   (Getty Images)
Campbell Soup Company owns a variety of product lines, including V8, which has become a big seller. (AP Photo/Mike Derer)   (Associated Press)
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Turkey • luxury goods • chocolate • Godiva • soup


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