Godiva Sold for $850M
New York City Campbell Soup Co. said on Thursday it agreed to sell its Godiva Chocolatier business for $850 million to Yildiz Holding A.S.
Yildiz is the owner of the Ulker Group, a diversified food company based in Istanbul, Turkey. Campbell said the sale price represents a multiple of nearly 15 times earnings before interest, taxes, depreciation and appreciation (EBITDA)—a measure of cash flow.
Campbell had said in August that it would explore a possible sale of the luxury chocolate brand, since it did not fit into its core portfolio of soups, baked snacks and vegetable-based beverages, with brands such as Pepperidge Farms cookies and V8 vegetable juice.
Godiva has annual sales of about $500 million, out of Campbell’s total of more than $7.8 billion.
Ulker, the largest consumer-goods company in Turkey’s food industry, sells biscuits, chocolate and beverages, and had sales of $7.4 billion in 2006, according to a statement issued by Campbell. The company also has operations in the packaging, real estate and telecommunication sectors.
Wal-Mart gives 3 million meals to food bank
BENTONVILLE, Ark. Wal-Mart announced Tuesday that it is donating $1 million worth of meals to America’s Second Harvest to help with a nationwide food and grocery shortage in food banks.
Wal-Mart said it is donating 3 million meals in response to a call to action by its philanthropic partner America’s Second Harvest-The Nation’s Food Bank Network. According to the company, it is the first corporation in the country to respond to the request and will supply more than 25% of the meals needed to prevent the shortage.
“The hunger crisis our nation’s food banks are currently facing is something that all of us at Wal-Mart care about and are taking very seriously,” said Margaret McKenna, president of the Wal-Mart Foundation. “We are pleased to be in a position to respond to the call to action from America’s Second Harvest, and hope that this donation will help them to feed those who are hungry this holiday season.”
Aldi to open DC in Florida
LAKELAND Aldi is looking to build a distribution center and regional headquarters in Haines City, Fla. in preparation for its Florida debut next year, according to reports.
The new 500,000-square-foot DC and HQ would reportedly bring about 100 jobs to the city and support the companies planned 20 to 25 stores in the Central Florida region.
Aldi currently operates in 26 states with more than 850 locations.