Campbell Agrees to Sell German Village Products Pasta Plant

CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE: CPB) today announced that it is entering into an agreement to sell its German Village Products pasta plant in Wauseon, Ohio, including the 65,000-square-foot manufacturing facility, land and assets, to Philadelphia Macaroni Company.

Campbell is selling the plant as part of ongoing efforts to optimize its manufacturing network. The company expects the transaction to be completed during its fiscal fourth quarter, which ends on August 1, 2010. Financial terms were not disclosed.

Campbell also has entered into a long-term agreement with Philadelphia Macaroni Company to supply Campbell with pasta products. This agreement builds upon the long-standing relationship between Campbell and Philadelphia Macaroni Company. The company has been supplying Campbell with pasta products since the 1920s.

Under the terms of the sale agreement, Campbell will close the plant before selling it to Philadelphia Macaroni Company. The plant will close on or around July 15, 2010. Campbell is currently discussing transfer rights and severance packages for the approximately 30 people who work at German Village Products with the United Food and Commercial Workers Union Local 75.

Campbell’s German Village Products plant produces pasta products that are used in a variety of “Campbell’s” soups. Campbell has owned and operated the German Village facility since 1979.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s” and “V8.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoup.com.

About Philadelphia Macaroni Company

Philadelphia Macaroni Company manufactures dry, frozen and specialty pasta for industrial, institutional, and contract retail customers. Through its pasta factories located in Pennsylvania, North Dakota and Washington, the company manufactures and distributes pasta to an international customer base. The company is a 5th generation family-owned business headquartered in Philadelphia and employs over 200 workers across the country. For more information, visit www.PhilaMacaroni.com

Forward-Looking Statements

This release contains "forward-looking statements" that reflect the company's current expectations about its future business performance, including statements about future plans, strategies, opportunities and objectives of management. 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 realize projected cost savings and benefits; (2) the company’s ability to manage changes to its business processes; (3) the risks associated with portfolio changes; and (4) 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 of this release.