NEW YORK — Campbell Soup says it’s in final negotiations to sell its European business to private equity firm CVC Capital Partners for an undisclosed sum, the latest move by chief executive Denise Morrison to reshape the company.
The proposed sale includes the company’s soups, sauces, and other products that are sold under a variety of names in Belgium, Finland, France, Germany, and Sweden. The deal, which is not yet final, doesn’t include products in the United Kingdom, Ireland, the Middle East, or Africa, or the export of its Pepperidge Farm baked goods.
The expected sale is the latest structural change for the soup maker since Morrison took over two years ago. Morrison has vowed to right the company’s struggling canned soup business in the United States, and has been moving to diversify with the type of fresher products that are growing in popularity.
Campbell’s European business is based in Belgium and employs around 1,300 people, according to CVC Capital.