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Campbell Soup Company Invests in Pepperidge Farm Innovation Center to Drive Further Growth in Baking and Snacking Businesses

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Company To Invest $30 Million in Norwalk, Conn. Facility

CAMDEN, N.J., Jul 12, 2011 (BUSINESS WIRE) —

Campbell Soup Company (NYSE:CPB) today announced that it will
invest more than $30 million to build a new 34,000-square-foot
innovation center at its Pepperidge Farm facilities at 595 Westport
Avenue in Norwalk, Conn. The project will also include extensive
upgrading of Pepperidge Farm’s existing headquarters at the site.

The investment reflects Campbell’s efforts to further increase the rate
of innovation across its Baking and Snacking portfolio, the company’s
second-largest reporting segment, which includes both its Pepperidge
Farm unit and Arnott’s in Asia Pacific.

“This investment is the latest step in our effort to drive increased
innovation and create new products to delight consumers,” said Denise
Morrison, Chief Operating Officer and CEO Elect. “Pepperidge Farm has
delivered outstanding innovations that have contributed to the growth of
Campbell for more than 50 years, and we expect the new innovation center
to fuel further collaboration and growth across our global baking and
snacking portfolio.”

The innovation center will feature a contemporary design with a curved
glass exterior and will house a state-of-the-art pilot plant with
product development and testing lines, culinary kitchens, scientific
labs and meeting rooms. The company expects to break ground on the
project, pending permits and other governmental approvals, in August
2011 and plans to complete construction in fall 2012.

“Having an innovation center at our headquarters in Norwalk will deliver
many benefits to our business, including accelerated innovation,” said
Pat Callaghan, President of Pepperidge Farm. “It will enable us to
conduct research and testing of new product concepts in a much more
convenient and cost-effective way and will support greater innovation
for both our Bakery and Snacks units, especially as we continue to focus
on global baked snacks as a strategic priority. In sum, the new facility
will allow us to continue answering the question that Pepperidge Farm
Founder Margaret Rudkin was famous for asking: ‘What’s Next?'”

Designed by The Dennis Group, Springfield, Mass., and Perkins Eastman,
Stamford, Conn., the innovation center will be an extension of
Pepperidge Farm’s headquarters that will connect to the main building by
a glass enclosed internal walkway that will allow viewing of the
research floor. The center will be designed as an
environmentally-friendly, LEED-certified (Leadership in Energy and
Environmental Design) “green” building and will employ a variety of
energy efficiency, water conservation and day-light harvesting
techniques, and will use recycled building materials in the construction.

Once the new facility is completed, Pepperidge Farm’s headquarters will
include approximately 115,000 square feet of office and research and
development space. The company also leases 33,500 square feet of space
at Norwalk’s NordenPlace Office Park.

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

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SOURCE: Campbell Soup Company

Campbell Soup Company
Anthony Sanzio (Media)
Jennifer Driscoll (Analysts/Investors)
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