CAMDEN, N.J.–(BUSINESS WIRE)–July 12, 2006–Campbell Soup
Company (NYSE:CPB) today announced it has entered into an agreement to
sell its U.K. and Irish businesses to Premier Foods plc for cash
proceeds of approximately $845 million. The businesses have annual
sales of approximately $480 million.
The sale is subject to approval by Premier’s shareholders.
Campbell anticipates that the sale will be completed within the next
few months. Further information about the financial impact of the
transaction will be released following the completion of the sale.
Campbell announced in March that it was exploring strategic
alternatives, including divestiture, for its U.K. and Irish businesses
following a review of its international portfolio as part of the
company’s ongoing strategic planning process.
Products manufactured by Campbell’s U.K. and Irish businesses
include “Homepride” sauces, “OXO” dry stocks, “Batchelors” dry soup
and meals, “Erin” dry soups and sauces, and “Fray Bentos” meat
products. The sale includes three manufacturing plants in the U.K. and
one manufacturing site in Ireland.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of
high quality simple meals, including soup, baked snacks,
vegetable-based beverages, and premium chocolate products.
Founded in 1869, the company has a portfolio of more than 20
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.campbellsoupcompany.com.
CONTACT: Campbell Soup Company Media: Jerry S. Buckley, 856-287-5814 or 856-342-6007 or Analysts: Leonard F. Griehs, 856-342-6428 SOURCE: Campbell Soup Company