Campbell to Acquire Garden Fresh Gourmet to Extend Presence in Faster-Growing Packaged Fresh Category
Garden Fresh Gourmet will become part of the Campbell Fresh division
(formerly called Packaged Fresh), leveraging the
“Garden Fresh Gourmet will allow the Campbell Fresh division to expand
in the deli section of the grocery store perimeter and will complement
our strong presence in the produce section. It is a logical extension of
our fresh food and beverage platform that resonates with today’s
consumers. This is a critical next step in our journey to becoming the
leader in the fast-growing packaged fresh category,” said
Garden Fresh Gourmet generated
Garden Fresh Gourmet was founded in 1998 when
Garden Fresh Gourmet has approximately 500 employees with headquarters
based in
Over the past several years, Campbell has added a trio of growth engines
to its business by acquiring
Campbell plans to fund the acquisition with commercial paper. Campbell expects the transaction not to affect its previously announced fiscal 2015 guidance and to be slightly accretive beginning in fiscal 2016. The closing of the transaction is subject to regulatory approvals and customary closing conditions and is expected to occur in the fourth quarter of fiscal 2015.
About
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” The company makes a range of products
from high-quality soups and simple meals to snacks and healthy
beverages. For generations, people have trusted Campbell to provide
authentic, flavorful and readily available foods and beverages that
connect them to each other, to warm memories, and to what’s important
today. Led by its iconic Campbell’s brand, the company’s
portfolio includes
Forward-Looking Statements
This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance on the company’s business or financial results. These
forward-looking statements, including the statements made regarding the
expected impact of the Garden Fresh Gourmet acquisition, rely on a
number of assumptions and estimates that could be inaccurate and which
are subject to risks and uncertainties. The factors that could cause the
company’s actual results to vary materially from those anticipated or
expressed in any forward-looking statement include (1) the company’s
ability to realize the anticipated benefits from the acquisition of
Garden Fresh Gourmet and to manage other organizational changes
effectively; (2) the company’s ability to realize projected cost savings
and benefits from its efficiency programs; (3) the impact of strong
competitive responses to the company’s efforts to leverage its brand
power in the market; (4) the impact of changes in consumer demand for
the company’s products; (5) the risks associated with trade and consumer
acceptance of the company’s initiatives, including its trade and
promotional programs; (6) the practices, including changes to inventory
practices, and increased significance of certain of the company’s key
trade customers; (7) the impact of fluctuations in the supply or costs
of energy and raw and packaging materials; (8) the uncertainties of
litigation; (9) the impact of changes in currency exchange rates, tax
rates, interest rates, debt and equity markets, inflation rates,
economic conditions and other external factors; (10) the impact of
unforeseen business disruptions in one or more of the company’s markets
due to political instability, civil disobedience, armed hostilities,
natural disasters or other calamities; and (11) other factors described
in the company’s most recent Form 10-K and subsequent
1 IRI InfoScan - Total US MULO; 52 weeks ending
View source version on businesswire.com: http://www.businesswire.com/news/home/20150609005830/en/
Source:
Campbell Soup Company INVESTOR CONTACT: Jennifer Driscoll, 856-342-6081 jennifer_driscoll@campbellsoup.com or MEDIA CONTACT: Carla Burigatto, 856-342-3737 carla_burigatto@campbellsoup.com
