Campbell Completes Acquisition of Snyder's-Lance
- Campbell’s baked snacks portfolio and Snyder’s-Lance’s complementary portfolio create diversified snacking leader
- Significant value creation expected through synergies and operational excellence
- Company forms new U.S. snacking unit: Campbell Snacks
-
Campbell Snacks leadership team will be led by
Carlos Abrams-Rivera , formerly President, Campbell’s U.S. Biscuits and Snacks
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A New Diversified Snacking Leader (Graphic: Business Wire)
"Snyder's-Lance represents a strategic and transformative acquisition
for Campbell, creating a
Snyder’s-Lance Integration with
To unlock the power of the combined brand portfolio, and achieve both
cost and potential revenue opportunities, Campbell is integrating the
“We carefully selected leaders from Campbell and Snyder's-Lance to form the Campbell Snacks leadership team based on their expertise and understanding of how to leverage both businesses to support overall growth and profitability across the enterprise,” said Abrams-Rivera. “The Campbell Snacks team will focus on optimizing the value of our U.S. snacks business to deepen our partnership with customers through the power of the combined portfolio.”
The Campbell Snacks leadership team includes:
-
Chris Foley , Senior Vice President/Chief Marketing Officer, Campbell Snacks, will lead efforts to drive innovation and brand building across the expanded snacks portfolio. Foley joined Campbell in 1999. -
To ensure end-to-end manufacturing excellence and a focus on value
capture,
Bill Livingstone , Vice President, Supply Chain, Snyder’s-Lance, will oversee supply chain operations at Snyder’s-Lance; andPaul Serra , Vice President, Supply Chain,Pepperidge Farm , will oversee supply chain operations atPepperidge Farm . Livingstone previously was responsible for overall supply chain forU.S. Biscuits and Bakery for the past eight years. Serra served as general manager for Arnott’sMalaysia &Singapore business. -
Cory Onell , has been appointed Vice President, Sales,Customer Development and DSD Operations for Campbell Snacks. He will oversee the Snyder’s-Lance Customer and Category Sales organization along with the Direct Store Delivery (DSD) operations atPepperidge Farm and Snyder’s-Lance. Onell joinedPepperidge Farm in 2017 as Vice President, U.S. Sales and DSD Operations. -
George Vindiola , Vice President, Research and Development, Campbell Snacks, will oversee product development and innovation for the combined portfolio. Vindiola joinedPepperidge Farm in 2016, bringing more than 20 years of research and leadership experience from Frito-Lay andPepsiCo /Frito-Lay. -
Matt Wilken , Vice President, Strategy, Campbell Snacks, will accelerate business strategy across Campbell Snacks. Wilken has been with Snyder’s-Lance for the last seven years in business strategy.
Additional leaders have been named to oversee finance, legal, information technology, human resources and communications.
Mignini said, "We have the insights and know-how in snacks to execute and grow in this space. I am very confident that Carlos and the expertise of the Campbell Snacks leadership team will continue to drive momentum in the businesses and achieve the cost synergies we have outlined. We are taking a disciplined approach to the integration of Snyder's-Lance to ensure its success."
The New Campbell
Campbell’s diversified snacking portfolio enables the company to offer
real food options to millions of families who enjoy a wide range of
eating occasions throughout each day. The Campbell Snacks portfolio will
feature Pepperidge Farm’s iconic brands, including Goldfish and
Campbell's global baked snacks product portfolio, including its
Significant Value Creation Through Cost Synergies and Growth
Campbell expects to achieve approximately
Based on the significance of the acquisition, Campbell has initiated a systematic approach that engages both companies to quickly share key learnings and best practices. Campbell will integrate key control functions, including supply chain and quality, and finance.
Snyder’s-Lance reported
Campbell will discuss the impact of Snyder’s-Lance to its fiscal 2018
guidance when the company reports third-quarter earnings on
About
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” We make a range of high-quality soups
and simple meals, beverages, snacks and packaged fresh foods. 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 our
iconic Campbell’s brand, our 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 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) changes in consumer demand for the
company’s products and favorable perception of the company’s brands; (2)
the risks associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; (3) the impact of strong competitive responses
to the company’s efforts to leverage its brand power with product
innovation, promotional programs and new advertising; (4) changing
inventory management practices by certain of the company’s key
customers; (5) a changing customer landscape, with value and e-commerce
retailers expanding their market presence, while certain of the
company’s key customers continue to increase their significance to the
company’s business; (6) the company’s ability to realize projected cost
savings and benefits from its efficiency and/or restructuring
initiatives; (7) the company’s ability to manage changes to its
organizational structure and/or business processes, including selling,
distribution, manufacturing and information management systems or
processes; (8) product quality and safety issues, including recalls and
product liabilities; (9) the ability to complete and to realize the
projected benefits of acquisitions, divestitures and other business
portfolio changes, including with respect to the Snyder’s-Lance
acquisition; (10) disruptions to the company’s supply chain, including
fluctuations in the supply of and inflation in energy and raw and
packaging materials cost; (11) the uncertainties of litigation and
regulatory actions against the company; (12) the possible disruption to
the independent contractor distribution models used by certain of the
company’s businesses, including as a result of litigation or regulatory
actions affecting their independent contractor classification; (13) the
impact of non-U.S. operations, including trade restrictions, public
corruption and compliance with foreign laws and regulations; (14)
impairment to goodwill or other intangible assets; (15) the company’s
ability to protect its intellectual property rights; (16) increased
liabilities and costs related to the company’s defined benefit pension
plans; (17) a material failure in or breach of the company’s information
technology systems; (18) the company’s ability to attract and retain key
talent; (19) changes in currency exchange rates, tax rates, interest
rates, debt and equity markets, inflation rates, economic conditions,
law, regulation and other external factors; (20) unforeseen business
disruptions in one or more of the company’s markets due to political
instability, civil disobedience, terrorism, armed hostilities, extreme
weather conditions, natural disasters or other calamities; and (21)
other factors described in the company’s most recent Form 10-K and
subsequent
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Source:
Campbell Soup Company INVESTOR CONTACT: Ken Gosnell, 856-342-6081 Ken_Gosnell@campbellsoup.com or MEDIA CONTACT: Thomas Hushen, 856-342-5227 Thomas_Hushen@campbellsoup.com