Arnott’s up for sale

American company Campbell’s Soup Co has put iconic biscuit company Arnott’s up for sale, 21 years after purchasing it.

According to Inside FMCG reported that Campbell’s choice to sell the brand is to refocus on its core operations, as well as pay off debt.

Arnott’s employs around 2,400 people across Australia, New Zealand, Indonesia, Malaysia, Singapore and Japan.

Campbell’s interim president and chief executive, Keith McLoughlin, said the firm decided selling the brand was the best option.

“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,” McLoughlin said.

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