Campbell's Soup said today that it will sell two of its divisions as it faces pressure from investors to put the whole business up for sale.
The food company, which was made iconic by Andy Warhol's paintings of its tomato soup, plans to flog its international business as well as its fresh refrigerated foods unit.
The global business includes brands such as Kettle Chips and Royal Dansk biscuit maker Kelsen, while the fresh foods unit is comprised of, among other products, Campbell's refrigerated soup.
Today's announcement comes off the back of pressure from activist investor Dan Loeb. His hedge fund Third Point has been pushing for a sale of the company since it unveiled a 5.65 per cent stake earlier this month.
Although Campbell's said it had considered a sale of the entire business, chief executive Keith McLoughlin said that the current aim was the best path to shareholder value.
“Our plan will build upon our existing strengths," he said. "Our new leadership team will concentrate on significantly improving operational discipline through a rigorous management model that aligns the enterprise from strategy through execution."
But a full sale remains on the table as one of the strategic options open to the company.
Read more: Activists at odds over RBS claims