Campbell Soup Sells Godiva (Published 2007) (2024)

The Campbell Soup Company agreed on Thursday to sell its Godiva Chocolatier unit to Yildiz Holding of Turkey for $850 million.

The sale of Godiva, the iconic Belgian chocolate maker with $500 million in annual sales, ends a monthslong auction that included a cast of colorful suitors: Starbucks, Hershey’s, Wm. Wrigley Jr. as well as several private equity firms.

Campbell decided to sell Godiva, which it acquired in 1967 and built into a worldwide phenomenon, to focus more on it tradition business of soups and snacks, which are increasingly being marketed as part of a healthy lifestyle, one that chocolate does not fit.

The sale would help Campbell, which reported a 7.2 percent drop in fiscal first-quarter net income in November as a result of higher expenses, in part at Godiva.

Godiva will become part of the Ulker Group, which is owned by Yildiz.

“We are very pleased with the value we obtained for Godiva,” said Douglas R. Conant, Campbell’s chief executive. “The sale price reflects the strength of the Godiva business. Godiva is one of the world’s leading premium chocolate businesses and is an excellent strategic fit within Ulker’s portfolio.”

Ulker is the largest consumer goods company in the Turkish food industry.