The brand Arnott’s has been put up for sale by its American owners Campbell’s Soup.
The iconic Australian biscuit brand was purchased by the global giant 21 years, a deal that caused controversy across Australia. The announcement from Campbell’s Soup comes after the company experienced a ‘challenging year’ with the corporation’s full-year operating income falling by 67 percent. The sale is a result of Campbell’s Soups decision to focus its attention on its failing divisions by offloading some of its International brands to help pay off some of the company’s debt.
“The board concluded that, at this time, the best path forward to drive shareholder value is to focus the company on two core businesses in the North American market with a proven consumer packaged goods business model,” said Keith McLoughlin Campbell’s Soup interim president and chief executive.
The sale is being handled by Goldman Sachs and Centerview Partners and will also include the sale of its refrigerated products business Campbells Fresh.
Australian’s are now hoping that the sale could conclude with the biscuit brand coming back down under to Australia. Arnott’s owns brands such as; shapes, Tim Tam, Salada, Tiny Teddy among others, and currently employs around 2,400 people across its Australian, New Zealand, Malaysia, Indonesia, Japan and Singapore.