Campbell to explore strategic alternatives for U.K. and Ireland

27/03/06 Campbell Soup Company has 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.

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."

http://shareholder.com/campbell/ReleaseDetail.cfm?ReleaseID=191223