Yildiz Holding buys Godiva Chocolatier from Campbell
March 19, 2008
by FoodBusinessNews.net Staff
CAMDEN, N.J. — Yildiz Holding A.S. has completed its purchase of the Godiva Chocolatier business from Campbell Soup Co. for $850 million.
In addition, Campbell also announced its board of directors has authorized using about $600 million of the proceeds from the sale to purchase company stock in open market transactions. This is in addition to regular share buybacks.
"This latest share repurchase program represents our ongoing confidence in our more focused portfolio and is a continuation of our commitment to deliver strong investor returns," said Douglas R. Conant, president and chief executive officer.
Campbell updated its fiscal 2008 guidance. For the year the company is expecting sales growth of more than 3% to 4 %, the long-term target range, as a result of the favorable impact of currency and a 53rd week of sales. The company also expects EBIT growth from continuing operations of between 5% and 7% from the fiscal 2007 adjusted based of $1.2 billion.