CAMDEN, N.J. (AP) -- Soup and snack maker Campbell Soup Co. on Tuesday said it completed its $850 million sale of Godiva Chocolatier to Yildiz Holding A.S.
The deal was announced Dec. 20. Campbell said it will use about $600 million of the net proceeds to buy back stock, mostly in 2008.
The company reaffirmed expectations for earnings excluding one-time items to grow between 5 percent and 7 percent from the fiscal 2007 adjusted base of $1.95 per share, implying earnings of $2.05 to $2.09 per share. Analysts polled by Thomson Financial predict a profit of $2.06 per share.
Campbell said it expects the sale will help earnings beginning in fiscal 2008. Campbell also plans to make other investments in brand building and cost cutting as well, the company said.
