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Campbell Soup Co. is preparing to sell its Kelsen Group to a Ferrero affiliated company for $300 million. Proceeds from the divestiture will go toward debt reduction.

Based in Nørre Snede, Denmark, Kelsen is a producer of baked snack brands that include Kjeldsens and Royal Dansk. Kelsen had net sales of approximately $157 million in the latest 12 months and approximately 400 employees.

Kelsen is part of Campbell International, which also includes Arnott’s biscuits, Campbell’s simple meals businesses in Australia, Malaysia, Hong Kong and Japan, and manufacturing operations in Australia, Indonesia and Malaysia. The process to divest the remainder of Campbell International, including Arnott’s, is proceeding.

Campbell’s President and CEO Mark Clouse said, “The sale of Kelsen Group supports our strategy to focus on North America where we have iconic brands and strong market positions, while reducing debt. Throughout the divestiture process, we have considered many options for our valuable international assets. Selling Kelsen separately from the rest of our international business generates the greatest possible value for Campbell. We are committed to the divestiture of the remainder of our international operations and will remain disciplined as we move forward.”

Closing is expected in the first quarter of fiscal 2020.

Campbell was advised by Centerview Partners, Goldman Sachs and Weil, Gotshal & Manges LLP.