CAMDEN, N.J., MAY 2, 2001. Campbell Soup Company (NYSE: CPB) today announced that its Arnott’s biscuit unit in Australia is reconfiguring its manufacturing network to drive greater efficiency and effectiveness in support of its growth agenda. The reconfiguration includes increased investments of approximately $30 million in three facilities–Sydney, Brisbane and Adelaide–and the closure in September 2002 of its Melbourne plant. Arnott’s is Australia’s market-leading biscuit company and has been wholly owned by Campbell since 1997.
As a result of the reconfiguration, Campbell said it expects annual pre-tax cost savings in excess of $10 million, beginning during fiscal 2003. Although detailed plans are not finalized, the Company expects to incur costs related to severance, asset write-offs and other one-time expenses of approximately $40 million, pre-tax, between the fourth quarter of fiscal 2001 and the fourth quarter of fiscal 2002. The Company said that it expects approximately $20 million of pre-tax charges will be recorded in fiscal 2001, which ends in July.
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 premium quality soup, sauces, beverages, biscuits, confectionery, and prepared food products. The company owns a portfolio of more than 20 market-leading brands 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” and “V8 Splash” juices, “Pace” Mexican sauces, “Prego” pasta sauces, “Franco American” pastas, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and “Godiva” chocolates around the world. The company is ably supported by more than 22,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.