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Campbell Soup Company will sell several brands, including two international units and its fresh-food business, in an effort to cut costs and focus on the North America market, the company announced on Thursday.
The big picture: The century-old soup company has had a rough year. Its packaged foods business has slumped, and CEO Denise Morrison abruptly stepped down after 15 years at the helm. Shares of Campbell fell in early trading Thursday — and, as the Wall Street Journal points out, selling select brands will likely not be enough to appease activist investor Dan Loeb, who has called for the company to sell itself.