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Campbell to Acquire Ireland’s Second Largest Dry Soup Business, Erin Foods, From Greencore

Press Releases

CAMDEN, N.J.–(BUSINESS WIRE)–June 28, 2002–Campbell Soup
Company (NYSE – CPB) today announced that it has agreed to purchase
Ireland’s second largest dry soup business, Erin Foods, from Greencore
Group plc. The purchase price is approximately $26 million. Campbell
said the acquisition will expand its European soup and sauces presence
and strengthen its current market position in Ireland.

The Erin Foods purchase agreement also includes William Rodgers
Foods, a private label supplier in the United Kingdom. Campbell’s
acquisition of Erin Foods is subject to Irish regulatory and other

In Europe, Campbell is the leader in the total soup category in
the United Kingdom, France, Germany and Sweden as a result of its
multi-country European soup and sauces business acquisition from
Unilever in May 2001.

Campbell purchased “McDonnells,” the number three dry soup and
number two dry sauces business in Ireland as part of the Unilever
transaction. Dry soup is the most popular form of soup in Ireland,
representing approximately 70 percent of all commercial soup

“This acquisition is consistent with our transformation plan
strategy. `Erin’ is Ireland’s premier dry soup brand, making it an
excellent strategic addition to our European portfolio. By combining
`Erin’ with our other businesses in Ireland, we will strengthen our
European soup platform,” said Douglas R. Conant, Campbell’s President
and Chief Executive Officer. Campbell’s other brands in Ireland
include “McDonnells” dry soup and sauces, “Oxo” bouillon, “Homepride”
wet sauces and “Campbell’s” wet soup.

Today’s action builds on Campbell’s recent successful soup and
sauces acquisitions in Europe from Unilever as well as earlier
European acquisitions. In 1997 Campbell purchased “Liebig,” the
leading wet soup in France. In 1996 Campbell acquired “Erasco,” the
leading wet soup in Germany. In 1995 Campbell acquired “Homepride,” a
leading wet cooking sauce in the United Kingdom.

Campbell also announced today that it has sold its property in
Drogheda, Ireland, where “McDonnells” products are manufactured, to
Radical Properties Limited.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future performance. These
forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks and
uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company. Please refer to the company’s most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties. 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.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauces, beverages, biscuits, confectionery and
prepared food products. The company owns a portfolio of more than 20
market-leading businesses each with more than $100 million in sales.
They include “Campbell’s” soups worldwide, “Erasco” soups in Germany
and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers,
“V8” vegetable juices, “V8 Splash” juice beverages, “Pace” Mexican
sauces, “Prego” Italian sauces, “Franco-American” canned pastas and
gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom,
“Arnott’s” biscuits in Australia and “Godiva” chocolates around the
world. The company also owns dry soup and sauce businesses in Europe
under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse
Tasse,” “Bla Band” and “McDonnells” brands. The company is ably
supported by approximately 24,000 employees worldwide. For more
information on the company, visit Campbell’s website on the Internet

CONTACT: Campbell Soup Company
John Faulkner (Media)
Office: (856) 342-3738
Leonard Griehs (Analysts)
(856) 342-6428

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