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
