CAMDEN, N.J., Jun 24, 2010 (BUSINESS WIRE) –Campbell Soup Company (NYSE: CPB) today announced that it is
entering into an agreement to sell its German Village Products pasta
plant in Wauseon, Ohio, including the 65,000-square-foot manufacturing
facility, land and assets, to Philadelphia Macaroni Company.
Campbell is selling the plant as part of ongoing efforts to optimize its
manufacturing network. The company expects the transaction to be
completed during its fiscal fourth quarter, which ends on August 1,
2010. Financial terms were not disclosed.
Campbell also has entered into a long-term agreement with Philadelphia
Macaroni Company to supply Campbell with pasta products. This agreement
builds upon the long-standing relationship between Campbell and
Philadelphia Macaroni Company. The company has been supplying Campbell
with pasta products since the 1920s.
Under the terms of the sale agreement, Campbell will close the plant
before selling it to Philadelphia Macaroni Company. The plant will close
on or around July 15, 2010. Campbell is currently discussing transfer
rights and severance packages for the approximately 30 people who work
at German Village Products with the United Food and Commercial Workers
Union Local 75.
Campbell’s German Village Products plant produces pasta products that
are used in a variety of “Campbell’s” soups. Campbell has owned and
operated the German Village facility since 1979.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup and sauces, baked
snacks and healthy beverages. Founded in 1869, the company has a
portfolio of market-leading brands, including “Campbell’s,” “Pepperidge
Farm,” “Arnott’s” and “V8.” Through its corporate social responsibility
program, the company strives to make a positive impact in the workplace,
in the marketplace and in the communities in which it operates. Campbell
is a member of the Standard & Poor’s 500 and the Dow Jones
Sustainability Indexes. For more information, visit www.campbellsoup.com.
About Philadelphia Macaroni Company
Philadelphia Macaroni Company manufactures dry, frozen and specialty
pasta for industrial, institutional, and contract retail customers.
Through its pasta factories located in Pennsylvania, North Dakota and
Washington, the company manufactures and distributes pasta to an
international customer base. The company is a 5th generation
family-owned business headquartered in Philadelphia and employs over 200
workers across the country. For more information, visit www.PhilaMacaroni.com
This release contains “forward-looking statements” that reflect the
company’s current expectations about its future business performance,
including statements about future plans, strategies, opportunities and
objectives of management. These forward-looking statements rely on a
number of assumptions and estimates that could be inaccurate and which
are subject to risks and uncertainties. The factors that could cause the
company’s actual results to vary materially from those anticipated or
expressed in any forward-looking statement include (1) the company’s
ability to realize projected cost savings and benefits; (2) the
company’s ability to manage changes to its business processes; (3) the
risks associated with portfolio changes; and (4) other factors described
in the company’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings. 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.
SOURCE: Campbell Soup Company
Campbell Soup Company
Anthony Sanzio (Media)
Jennifer Driscoll (Analysts)
Philadelphia Macaroni Company
215-441-5220 ext. 5158