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Campbell explores strategic alternatives for Noosa yogurt brand
Phoebe Fraser

Phoebe Fraser

7 June 2024

Campbell explores strategic alternatives for Noosa yogurt brand

Campbell Soup Company has confirmed plans to divest its Noosa yogurt business, which it acquired in its recent purchase of Sovos Brands.


Campbell first announced its intent to buy Sovos in August 2023, with the $2.7 billion acquisition reaching completion in March this year. At the time, Campbell’s president and CEO Mark Clouse said yogurt would not be ‘core to our strategy’.


However, Sovos' other brands, such as Rao’s Italian pasta sauces and Michael Angelo’s frozen meals ‘exceeded expectations.’


Campbell’s Q3 financial results for 2024 reported a “better-than-expected contribution of the Sovos Brands business to our performance. Reported net sales were up 6%, driven by the partial quarter of sales contribution from Sovos Brands.”


A decision has now been made for the Noosa business, although Clouse did not reveal the details of a potential buyer for the brand, nor a disposal date or financial terms of a potential deal.


Clouse told analysts: “One of the most pleasant surprises to me is the strength of the Noosa business…although we had a fairly clear understanding that yogurt was probably not a long-term strategic category for us, the strength of that business, the uniqueness and even the performance of it, again, a testament to a really great team that’s leading it and doing a terrific job of running it.”


He continued: “The Noosa business…is an excellent product and brand that continues to perform very well. In fact, in the quarter, the Noosa Spoonable business returned to dollar growth, driven by the success of its 8oz yogurt. Additionally, the 8oz yogurt has now experienced 14 quarters of consecutive dollar consumption growth.”


“Even though we have decided to explore strategic alternatives for the business as yogurt’s not a strategic category for Campbell’s, the business has truly exceeded our expectations.”


#CampbellSoupCompany #US #SovosBrands #Noosa

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