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Campbell Soup plans to sell international, fresh units

Proceeds from the sale will be used to pay down the company's debt

Campbell Soup Co. plans to focus on its core snacks and soup business in North America and sell its international business, paying down debt.

The Camden, New Jersey, company said Thursday it was working urgently to complete all the moves by next July.

The planned sales would leave Campbell Soup with brands including Goldfish, Pepperidge Farm and Snyder's of Hanover.

The company announced a reorganization in May, along with the retirement of then CEO Denise Morrison, as it faces a mix of changing food trends. Campbell's has been wrestling with declining soup and juice sales in a market crowded with competitors at the same time that many families are seeking foods they consider healthier and less processed.

READ: Campbell Canada to move headquarters to Mississauga

The company has also said it expected steel and aluminum costs to rise, pushing its overall costs higher.

Fourth-quarter profit plunged 70% to $94 million, or 31 cents per share, as surging costs outpaced a revenue boost. Still, the results topped Wall Street expectations.

READ: Campbell Soup closing Toronto facility, 380 jobs to be impacted

Sales rose 33% to $2.22 billion, but fell short of forecasts.

In premarket trading, shares of the company slipped 2.4% to $39.05. Shares are down nearly 17% in the year to date.

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