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Forward-Looking Statements

The content on this website 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. the company’s ability to execute on and realize the expected benefits from the actions it intends to take as a result of its recent strategy and portfolio review,
  2. the ability to differentiate its products and protect its category leading positions, especially in soup;
  3. the ability to complete and to realize the projected benefits of planned divestitures and other business portfolio changes;
  4. the ability to realize the projected benefits, including cost synergies, from the recent acquisitions of Snyder’s-Lance and Pacific Foods;
  5. the ability to realize projected cost savings and benefits from its efficiency and/or restructuring initiatives;
  6. the company’s indebtedness and ability to pay such indebtedness;
  7. disruptions to the company’s supply chain, including fluctuations in the supply of and inflation in energy and raw and packaging materials cost;
  8. 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;
  9. the impact of strong competitive responses to the company’s efforts to leverage its brand power with product innovation, promotional programs and new advertising;
  10. the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies;
  11. changes in consumer demand for the company’s products and favorable perception of the company’s brands;
  12. changing inventory management practices by certain of the company’s key customers;
  13. a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company’s key customers maintain significance to the company’s business;
  14. product quality and safety issues, including recalls and product liabilities;
  15. the costs, disruption and diversion of management’s attention associated with campaigns commenced by activist investors;
  16. the uncertainties of litigation and regulatory actions against the company;
  17. 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;
  18. the impact of non-U.S. operations, including trade restrictions, public corruption and compliance with foreign laws and regulations;
  19. impairment to goodwill or other intangible assets;
  20. the company’s ability to protect its intellectual property rights;
  21. increased liabilities and costs related to the company’s defined benefit pension plans;
  22. a material failure in or breach of the company’s information technology systems;
  23. the company’s ability to attract and retain key talent;
  24. changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors;
  25. 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
  26. other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date the statement is made.

Important Information and Where to Find It

Campbell has filed a definitive proxy statement on Schedule 14A and form of associated GOLD Proxy Card with the Securities and Exchange Commission (“SEC”) in connection with the solicitation of proxies for its 2018 Annual Meeting of Shareholders (the “Definitive Proxy Statement”). Campbell, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2018 Annual Meeting. Information regarding the names of Campbell’s directors and executive officers and their respective interests in the company by security holdings or otherwise is set forth in the Definitive Proxy Statement. Details concerning the nominees of Campbell’s Board of Directors for election at the 2018 Annual Meeting are included in the Definitive Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING GOLD PROXY CARD, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the Definitive Proxy Statement and other relevant documents that Campbell files with the SEC from the SEC’s website at www.sec.gov or the Company’s website at www.investor.campbellsoupcompany.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

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#CampbellsStrategy
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Our Plan

Campbell recently announced significant actions following its Board-led strategy and portfolio review to improve performance and drive shareholder value. These actions include:

Renewed Focus

Focusing the company on two distinct businesses, Campbell Snacks and Campbell Meals & Beverages, in its core North American market.

Learn more

Divestitures to Focus Portfolio and Reduce Debt

Pursuing the divestitures of non-core businesses to focus and improve the company’s portfolio; proceeds will be used to significantly reduce debt.

Learn more

Increased Cost Savings

Increasing cost savings target to $945 million by end of FY2022, including the expected Snyder’s-Lance savings.

Learn more
1

Renewed Focus

Our vision for Campbell is to be a leading, focused snacks and simple meals company, with a portfolio of best-in-class products and brands in our core North American market. We believe this will generate sustainable value for our shareholders, our customers, our consumers and our employees.

Campbell benefits from high brand equity with consumers, strong product attributes, and enviable market positions.

Focused Portfolio for Growth & Shareholder Value Creation

Campbell Snacks

Campbell Meals & Beverages

Our Competitive Advantages

High brand equity with consumers

More than 95% of all U.S. households have a Campbell’s product in their home1

Strong product
attributes

In the most important attribute for consumers (Taste), Campbell is ranked higher than competitors across 7 of 8 categories in which it competes2

Enviable market
positions

#1 or #2 in 6 categories
(Soup, Salsa/Picante, Italian sauce, Pretzels, Crackers, Kettle Chips). Strong market share across core categories3

1IRI All-Outlet for 52 Weeks Ending 7/29/18.
2Campbell consumer perception survey conducted July 2018.
3Brand and category growth from IRI.

Campbell Snacks

Category

Brand

Market Size

Market Position

Pretzels
$1.1bn
#1
Sandwich Crackers
$0.7bn
#1
Kettle Chips
$1.0bn
#1
Deli
$0.7bn
#1
Organic/Natural Tortilla Chips
$0.3bn
#1
Crackers
$7.0bn
#3
Cookies
$7.7bn
#6
Source: IRI MULO L52W through July 29, 2018
Based on IRI’s Snyder’s-Lance custom definitions

Campbell Meals & Beverages

Category

Brand

Market Size

Market Position

Wet Soup
$3.2bn
#1
Broth/Stock
$1.1bn
#1
Italian Sauce
$2.4bn
#2
Salsa/Picante
$1.4bn
#2
Shelf Stable Juice
$7.5bn
#2

Notes: Rankings of brands exclude Private Label/Store brands. Campbells Wet Soup ranking includes CSC Condensed & RTS businesses.
V8 Portfolio includes brands V8 Vegetable, V8 Splash, Campbells TJ, V8 +Energy, V8 Blends.

Source: IRI InfoScan, Total U.S. MULO 52 Weeks Ending July 29, 2018.

Increased focus and discipline are key tenets of Campbell’s plan, including managing our portfolio of brands based on two differentiated operating strategies. Through this approach, we will be able to better allocate capital and resources and truly differentiate how we manage our brands.

Brands Managed Within Two Differentiated Operating Strategies

Drive Profitable Growth

44% of FY18 Net Sales*

The first strategy applies to brand franchises that will be managed to drive profitable growth.

  • Large and exciting brands
  • Outpace category growth
  • Investments in innovation and consumer engagement

Maximize Margin & Cash Flow

56% of FY18 Net Sales*

The second applies to brand franchises that will be managed to maximize margins and cash flow.

  • Scale brands
  • Generate consistent profit and cash flow
  • Investments to maintain market-leading positions
*Pro forma fiscal 2018 data based on fiscal 2018 Campbell Net sales including fiscal year net sales estimate for Snyder’s-Lance and Pacific Foods, and the assumed completion of planned divestitures of Campbell International and Campbell Fresh.
2

Divestitures to Focus Portfolio and Reduce Debt

A major lever to drive Campbell’s more focused portfolio includes plans to divest non-core businesses, with proceeds to be used to significantly reduce debt and strengthen the balance sheet.

Pursuing Divestitures of Non-Core Businesses

Campbell International

  • #1 biscuit brand in Australia
  • A leading supplier of Danish butter cookies in China & Hong Kong

Campbell Fresh

  • Portfolio consists of organic beverages, dressings, and carrots
  • Portfolio consists of refrigerated salsa, hummus, and dips
Operations in Indonesia, Malaysia, Hong Kong and Japan.
  • Proposed divestitures represent ~$2.1 billion in annual net sales (FY2018)
  • Engaged leading financial advisers
  • Proceeds intended to be used to significantly reduce debt & strengthen balance sheet
  • Targeting a pro-forma EBITDA leverage ratio of 3.0x by the end of FY2021
  • Additional actions under consideration to further focus and refine portfolio against go-forward strategy
3

Increased Cost Savings

To reflect our leaner, more focused and agile enterprise, we plan to reduce costs and increase our asset efficiency. Overall, our programs will bring our total cost savings target to $945 million by the end of FY2022.

Focus on Increased Cost Savings & Asset Efficiency

  • $150 million in new, expanded cost savings efforts
    Streamline organization, expand zero-based budgeting and optimize manufacturing network
  • Incremental to existing $500 million program and previously announced $295 million in target savings from Snyder’s-Lance integration
  • Total savings target of $945 million by end of FY2022
  • Additional $350 million in Free Cash Flow through efficiencies in working capital and more disciplined CapEx

Savings Achievedas of Q4 FY18 vs Targets
Statements that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. See “Cautionary Factors That May Affect Future Results” in Item 7 and “Risk Factors” in Item 1A of our Form 10-K.