CAMDEN, N.J.–(BUSINESS WIRE)–June 28, 2002–Campbell Soup Company (NYSE – CPB) today announced that it has agreed to purchase Ireland’s second largest dry soup business, Erin Foods, from Greencore Group plc. The purchase price is approximately $26 million. Campbell said the acquisition will expand its European soup and sauces presence and strengthen its current market position in Ireland.
The Erin Foods purchase agreement also includes William Rodgers Foods, a private label supplier in the United Kingdom. Campbell’s acquisition of Erin Foods is subject to Irish regulatory and other approvals.
In Europe, Campbell is the leader in the total soup category in the United Kingdom, France, Germany and Sweden as a result of its multi-country European soup and sauces business acquisition from Unilever in May 2001.
Campbell purchased “McDonnells,” the number three dry soup and number two dry sauces business in Ireland as part of the Unilever transaction. Dry soup is the most popular form of soup in Ireland, representing approximately 70 percent of all commercial soup consumption.
“This acquisition is consistent with our transformation plan strategy. `Erin’ is Ireland’s premier dry soup brand, making it an excellent strategic addition to our European portfolio. By combining `Erin’ with our other businesses in Ireland, we will strengthen our European soup platform,” said Douglas R. Conant, Campbell’s President and Chief Executive Officer. Campbell’s other brands in Ireland include “McDonnells” dry soup and sauces, “Oxo” bouillon, “Homepride” wet sauces and “Campbell’s” wet soup.
Today’s action builds on Campbell’s recent successful soup and sauces acquisitions in Europe from Unilever as well as earlier European acquisitions. In 1997 Campbell purchased “Liebig,” the leading wet soup in France. In 1996 Campbell acquired “Erasco,” the leading wet soup in Germany. In 1995 Campbell acquired “Homepride,” a leading wet cooking sauce in the United Kingdom.
Campbell also announced today that it has sold its property in Drogheda, Ireland, where “McDonnells” products are manufactured, to Radical Properties Limited.
Forward-Looking Statements
This release contains “forward-looking statements” which reflect the company’s current expectations about its future performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the company. Please refer to the company’s most recent Form 10-K and subsequent filings for a further discussion of these risks and uncertainties. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverages, biscuits, confectionery and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include “Campbell’s” soups worldwide, “Erasco” soups in Germany and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers, “V8” vegetable juices, “V8 Splash” juice beverages, “Pace” Mexican sauces, “Prego” Italian sauces, “Franco-American” canned pastas and gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and “Godiva” chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse Tasse,” “Bla Band” and “McDonnells” brands. The company is ably supported by approximately 24,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.
