Outlines Growth Plans Across Three New Divisions

Launches Initiative To Provide More Information About How Its Food Is
Made

Announces Recipe Changes and Expanded Organic Products in Core
Business

CAMDEN, N.J.–(BUSINESS WIRE)–Jul. 22, 2015–
Campbell Soup Company (NYSE: CPB) today provided an update on the
company’s key strategic imperatives. Led by President and Chief
Executive Officer Denise Morrison, executives outlined important actions
the company is taking to reshape Campbell and improve its growth
trajectory by strengthening its core business and expanding into
faster-growing spaces. This includes Campbell’s plans to change many of
its recipes, to build stronger connections with consumers and to
increase the company’s focus on faster-growing categories, such as
health and well-being and developing markets.

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Campbell continues to increase its focus on faster-growing categories, such as health and well-being and packaged fresh, while also innovating on its core business portfolio. (Photo: Business Wire)

Morrison said, “Campbell is taking unmistakable action to reshape our
portfolio, redesign our organization and shift our investments so we can
move more quickly to meet consumer needs. This approach holds the
greatest promise for our company and our shareholders. From the
reconfiguration of our portfolio and our focus on cost-savings to the
way we connect with today’s consumers, I’m confident that the steps
we’ve taken, along with those that we plan to take, will set Campbell
apart from other food companies.”

Providing Consumers with Information on How Campbell’s Food Is Made

Morrison and Americas Simple Meals and Beverages President Mark
Alexander outlined plans to help consumers access a wide range of
information about how Campbell’s foods and beverages are made and the
choices behind ingredients, particularly in its core U.S. Soup, Sauces
and Beverages portfolio. Campbell is making this information available
on www.whatsinmyfood.com.

The site provides detail on several of Campbell’s top brands, such as
iconic Campbell’s Condensed Tomato and Chicken Noodle soups, Slow
Kettle Style and Healthy Request soups and Campbell’s
Dinner Sauces. Over the next year, Campbell will expand its efforts to
include all major brands in the U.S. and Canada, with plans to expand it
globally over the next three years.

“As we transform our marketing efforts and connect with consumers, we
will continue to engage people in an open and authentic way to gain
understanding about the ingredients and issues they care about,” said
Morrison. “We believe it is the right thing to do for consumers, who
have an increasing appetite and expectation for this type of candid
discussion.”

Changing Recipes; Increasing Organic Offerings

Campbell is making several key changes to its recipes and outlined plans
to increase its organic offerings.

Based on feedback from parents, the company will simplify the recipes of
existing condensed soups for kids, removing ingredients such as added
MSG and continuing to make the soup with no preservatives, no artificial
colors and no artificial flavors. The first updated range of kids soups
is expected to hit U.S. shelves in August.

Alexander said, “We know that many parents are seeking products made
with simpler ingredients for their children. As a result, we are
extending our line of kids soups with organic varieties and simplifying
recipes to make them an easy choice for parents ˗˗ and fun for kids.”

The company plans to remove artificial colors and flavors from nearly
all of its North American products by the end of fiscal 2018.
Additionally, Campbell plans to move away from using high fructose corn
syrup in certain products, including the complete line of Pepperidge
Farm fresh breads by the end of fiscal 2017, as well as most new
products launching in fiscal 2016 in its Americas Simple Meals and
Beverages portfolio.

To meet the growing demand for simple food, Campbell will increase its
organic offerings with line extensions in its core portfolio. Organic
food continues to grow strongly, with annual sales reaching $8 billion,
up almost 12 percent over three years on an annualized basis.¹
Building on Campbell’s Organic soups that launched in January,
the company will introduce Campbell’s Organic soup for kids in
three kid-friendly chicken noodle varieties. Available in August, these
new organic soups for kids will be non-GMO and use ingredients sourced
from certified American organic farms.

Alexander also outlined plans to expand the Plum line of organic food
for babies, tots and kids. In fiscal 2016, Plum will launch GrowWell,
a range of purees which provide nutrients from ingredients like chia,
Greek yogurt and sunflower seed butter. Plum will also build on the
successful Mighty range of snacks, introducing new Mighty
Veggies and Mighty Sticks for tots on-the-go, and further
develop its successful MashUps fruit sauce and snacks lines.

Luca Mignini, President – Global Biscuits and Snacks, highlighted
Campbell’s plans to launch Pepperidge Farm Goldfish made with
organic wheat in fiscal 2016. The current Goldfish whole grain
line of crackers will also expand to include new varieties.

Expanding Biscuits and Snacks in Faster-growing Markets

Mignini also outlined how Campbell’s newly integrated Global Biscuits
and Snacks division will focus on building brands like Goldfish, Tim
Tam and Kjeldsens beyond their home markets and across new
geographic boundaries. Under the new divisional structure, the company
will be better positioned to drive growth by focusing on expanding these
brands in developing markets where it has a strong foothold, including
Indonesia and China.

Campbell Fresh Expanding in the Grocery Store Perimeter

The Campbell Fresh division combines recently-acquired Garden Fresh
Gourmet with the Bolthouse Farms portfolio and Campbell’s
retail refrigerated soups.

Jeff Dunn, President – Campbell Fresh, outlined plans to drive growth by
strengthening the core businesses and driving breakthrough innovation in
the perimeter. The company is well positioned in high-growth snacking
and premium beverages segments, with a portfolio that extends beyond
fresh carrots to include refrigerated hummus, salsa, dips, sides, soups
and salad dressings, and refrigerated super-premium and ultra-premium
beverages.

Dunn said, “We’re focused on driving full force growth to become the
go-to resource for packaged fresh innovation throughout the perimeter of
the store. We’re actively building our brands and capabilities to
leverage the shift in consumer demand for ‘better-for-you’ products and
to sustain growth in packaged fresh categories over the long term.”

Dunn also identified critical capabilities that Campbell Fresh will
continue to build and invest in over the next few years to connect with
the changing food consumer, including high engagement marketing tactics,
fresh product innovation and incubation, best-in-class operating and
supply chain platforms to support a broader portfolio, and deepened
retail relationships.

A replay of the presentations to investors, along with accompanying
slides, will be available at investor.campbellsoupcompany.com
beginning a few hours after the completion of the event.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” The company makes a range of
high-quality soups and simple meals, beverages, snacks and packaged
fresh foods. For generations, people have trusted Campbell to provide
authentic, flavorful and readily available foods and beverages that
connect them to each other, to warm memories, and to what’s important
today. Led by its iconic Campbell’s brand, the company’s
portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s,
V8, Swanson, Pace, Prego, Plum, Royal Dansk,
Kjeldsens and Garden Fresh Gourmet. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward of
the planet’s natural resources. The company is a member of the Standard
& Poor’s 500 and the Dow Jones Sustainability Indexes. For more
information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.

Forward-Looking Statements

This release contains “forward-looking statements.” Forward-looking
statements can be identified by words such as “anticipates,” “intends,”
“plans,” “believes,” “estimates,” “expects” and similar references to
future periods. Examples of forward-looking statements include, but are
not limited to, statements we make on our product and marketing
strategies, and on our new enterprise and management
structure. Forward-looking statements are based on our current
expectations and assumptions regarding our business, our industry and
other future conditions. Forward-looking statements are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements due to factors such
as our ability to manage organizational change effectively; our ability
to realize projected benefits and cost savings from the new structure
and our cost-savings initiatives; the impact of strong competitive
responses to our marketing strategies; risks associated with trade and
consumer acceptance of our new and improved products; the effectiveness
of our promotional programs; the impact of portfolio changes, and the
other factors described in “Risk Factors” in the company’s most recent
Form 10-K and in subsequent SEC filings. We undertake no obligation to
update these statements to reflect new information or future events.

¹ IRI MULO $ retail sales Latest 52 weeks ending 7/14/15

View source version on businesswire.com: https://www.businesswire.com/news/home/20150722006112/en/

Source: Campbell Soup Company

Campbell Soup Company
INVESTOR CONTACT:
Jennifer
Driscoll, 856-342-6081
[email protected]
or
MEDIA
CONTACT:
Carla Burigatto, 856-342-3737
[email protected]

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