CAMDEN, N.J.–(BUSINESS WIRE)–Aug. 9, 2007–Campbell Soup Company (NYSE:CPB) today announced that it will explore strategic alternatives, including possible divestiture, for its Godiva Chocolatier business. The decision follows a review of Campbell’s portfolio as part of the company’s ongoing strategic planning process.
Godiva Chocolatier is one of the world’s leading premium chocolate businesses and has annual sales of approximately $500 million. Godiva products are sold through company-owned and franchised retail stores, wholesale distribution points, including specialty retailers and finer department stores, and on the internet.
Douglas R. Conant, Campbell’s President and Chief Executive Officer, said, “Godiva is one of the world’s most recognized luxury brands and the business has been a strong performer for Campbell. Although the premium chocolate category is experiencing strong growth and Godiva is well-positioned for the future, the premium chocolate business does not fit with Campbell’s strategic focus on simple meals,–including soup–baked snacks, and vegetable-based beverages. It is the right time to explore strategic alternatives for Godiva as we continue to optimize Campbell’s long-term growth potential by leveraging the competitive advantages of our simple meals, baked snacks, and vegetable-based beverages businesses.”
Campbell has retained Centerview Partners LLC as its financial advisor in this matter.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high quality foods and simple meals, including soup, baked snacks, vegetable-based beverages, and premium chocolate products, with annual revenues in excess of $7.3 billion. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For more information on the company, visit Campbell’s website at www.thecampbellscompany.com.
Forward-Looking Statements
This release contains “forward-looking statements” which reflect the company’s expected future business and financial performance, including statements about future plans, strategies, opportunities and objectives of management; statements concerning expected development, market performance or consumption trends of new or reformulated products; statements concerning projections of sales, earnings or volume growth; and statements regarding assumptions underlying any of the foregoing. Forward-looking statements by their nature address matters that are uncertain and are subject to risks. These uncertainties may cause our actual results to vary materially from those expressed or implied in our forward-looking statements. Please refer to the company’s most recent Form 10-K and subsequent filings for a further discussion of risks. The company disclaims any obligation to update its forward-looking statements.
MULTIMEDIA AVAILABLE: https://www.businesswire.com/cgi-bin/mmg.cgi?eid=5467982 CONTACT: Campbell Soup Company Anthony Sanzio (Media) 856-968-4390 or Leonard F. Griehs (Analysts) 856-342-6428 SOURCE: Campbell Soup Company