Acquisition To Enhance Pepperidge Farm’s Fresh and Frozen Bakery Business

CAMDEN, N.J.–(BUSINESS WIRE)–Apr. 2, 2009–
Campbell Soup Company (NYSE: CPB) today announced it has entered
into an agreement to acquire artisan bread maker Ecce Panis, Inc.,
headquartered in East Brunswick, New Jersey. Campbell plans to run the
business as part of its Pepperidge Farm bakery operations.

Financial terms were not disclosed. The transaction is expected to be
completed later this spring. Campbell anticipates that the acquisition
will not have a material impact on fiscal 2009 earnings and will be
slightly accretive to earnings in fiscal 2010.

Douglas R. Conant, Campbell’s President and Chief Executive Officer,
said, “The acquisition of Ecce Panis is consistent with our strategy to
drive growth in our core categories through strategic acquisitions and
outside partnerships. Artisan bread represents one of the fastest
growing segments of the bakery category, and I am confident that we can
leverage our sales and marketing capabilities to expand the availability
of Ecce Panis products and complement our existing bakery business.”

Founded in 1988 as a small Manhattan bakery, Ecce Panis has a premium
portfolio of handcrafted, stone-baked artisan breads that are sold
primarily through the in-store bakeries of leading retailers and grocery
chains across the country. The par baked frozen breads and rolls are
shipped to customers where the baking process is finished within their
in-store bakeries.

The company has 115 employees and an 113,000 square-foot
state-of-the-art bakery in East Brunswick, N.J. that utilizes a unique
baking technique to deliver superior products.

“Ecce Panis products are a great fit within the Pepperidge Farm
portfolio and will help create new growth opportunities for our
business,” said Pat Callaghan, President, Pepperidge Farm. “Ecce Panis
is a well-run and profitable company with a strong management team,
innovative baking facilities and products that are part of a large and
growing market. We are excited to bring these great products to more
people and expand our artisan offerings.”

Upon completion of the transaction, Campbell plans to operate Ecce Panis
as a distinct brand within its Pepperidge Farm portfolio.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup, 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.” For more information on the company, visit
Campbell’s website at www.campbellsoup.com.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about its future plans and performance,
including statements concerning the impact of marketing investments and
strategies, share repurchase, cost-saving initiatives, quality
improvements, and portfolio strategies, including acquisitions, on
sales, earnings, and margins. These forward-looking statements rely on a
number of assumptions and estimates that 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.

Source: Campbell Soup Company

Campbell Soup Company
Anthony Sanzio (Media)
(856) 968-4390
or
Leonard
F. Griehs (Analysts)
(856) 342-6428

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