Campbell Soup Co. has signed a definitive agreement for the sale of its Everett, Washington, refrigerated soup plant to an affiliate of the Joshua Green Corp. (JGC), a Seattle-based private investment company.
Terms of the transaction were not disclosed.
The 225,000-s.f. Everett facility is part of the fresh division, which includes Bolthouse Farms and Garden Fresh Gourmet. As outlined in August 2018 as part of Campbell’s board-led strategy and portfolio review, it is in the process of divesting its fresh and international businesses to increase the company’s focus, significantly reduce debt and strengthen its balance sheet.
Bolthouse Farms product lines include dressings, beverages and carrots traditionally sold in the produce department. Garden Fresh Gourmet’s lines include salsa, hummus, chips and soups, typically sold in the deli.
The transaction is expected to close in the third quarter of fiscal 2019.
Founded in 1869 and headquartered in Camden, New Jersey, Campbell Soup Co. has annual sales of approximately $8 billion. The company makes a range of soups and simple meals, beverages, snacks and packaged fresh foods sold globally. The company is a member of the Standard and Poor’s 500 and the Dow Jones Sustainability Indexes.
JGC is a Seattle-based, privately held investment company that invests in a diverse range of assets, including private companies, public equities and real estate. Its roots date back to the 1890s.