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Campbell to Explore Strategic Alternatives for U.K. and Irish Businesses

CAMDEN, N.J., Mar 24, 2006 (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB) today announced that it
will explore strategic alternatives, including possible divestiture,
for its businesses in the U.K. and Ireland. The decision follows a
review of Campbell’s international portfolio as part of the company’s
ongoing strategic planning process.

The U.K. and Irish businesses have annual sales of approximately
$490 million and include such brands as “Homepride” sauces, “OXO” dry
stocks, “Batchelors” dry soup and meals, “Erin” dry soups and sauces,
and “Fray Bentos” meat products.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “Our portfolio in the U.K. and Ireland includes some
strong brands, but it is highly fragmented and has not met our
company’s growth expectations. It is time to explore strategic
alternatives as we strive to optimize the value of these businesses to
our shareowners. We remain committed to pursuing the best
opportunities for profitable growth in international markets as well
as in North America.”

Campbell has retained the Goldman Sachs Group as its adviser in
this matter.

Forward Looking Statements

This release contains “forward-looking statements” which reflect
the company’s expected future business and financial performance,
including statements about future plans, strategies, opportunities and
objectives of management; statements concerning expected development,
market performance or consumption trends of new or reformulated
products; statements concerning projections of sales, earnings or
volume growth; and statements regarding assumptions underlying any of
the foregoing. Forward-looking statements by their nature address
matters that are uncertain and are subject to risks. These
uncertainties may cause our actual results to vary materially from
those expressed or implied in our forward-looking statements. Please
refer to the company’s most recent Form 10-K and subsequent filings
for a further discussion of risks. The company disclaims any
obligation to update its forward-looking statements.

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.

SOURCE: Campbell Soup Company

Campbell Soup Company
Media:
Jerry S. Buckley, 856-342-6007
    or
Analysts:
Leonard F. Griehs, 856-342-6428