CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) President and Chief Executive Officer Denise Morrison and Senior Vice President and Chief Financial Officer Anthony DiSilvestro will provide an overview of the company’s strategy and progress on its transformation at 11 a.m. EST today at the Consumer Analyst Group of New York (CAGNY) Conference in Boca Raton, Florida. Campbell’s presentation will be webcast live at investor.campbellsoupcompany.com.
Morrison will share her perspective on the consumer and retail environment and discuss the actions Campbell is taking to transform its portfolio. Since 2011, the company has repositioned itself to drive long-term, sustainable sales and earnings growth by:
- Leveraging strategic foresights to identify long-term growth platforms in the areas of future commerce, personalized nutrition and deliberate snacking;
- Transforming Campbell through external development, acquiring new businesses to expand in the faster-growing spaces of health and well-being and snacking;
- Implementing a successful cost savings program that has delivered $365 million in savings to date while investing a portion of these savings back in the business;
- Improving its cost structure and increasing supply chain productivity;
- Pursuing new models of innovation and dynamic partnerships to define the future of food, including forming a venture capital fund to invest in early stage companies at the intersection of food, health and technology; and,
- Accelerating digital marketing and e-commerce efforts by building an e-commerce unit in North America.
Morrison and DiSilvestro will provide updates on the recently completed Pacific Foods acquisition and the pending Snyder’s-Lance, Inc. acquisition, which will be the largest in Campbell’s history. With the completion of the Snyder’s-Lance acquisition, Campbell will decisively and definitively shift its portfolio toward faster-growing categories, with snacking representing approximately 46 percent of the company’s annual net sales.
"Since 2011, we have been taking steps to transform our portfolio in response to the seismic shifts that are driving monumental change across the food industry," said Morrison. "Guided by our Purpose, ‘real food that matters for life’s moments,’ Campbell has undergone a remarkable transformation, evolving from a company that had been largely reliant on soup to a more diversified and dynamic company that anticipates changing consumer behaviors and adapts to the new consumer marketplace."
DiSilvestro will also provide an update on the company’s multi-year cost savings program and related re-investments in the business, priorities for the uses of cash, and plans to achieve long-term growth targets.
Campbell recently raised its cost savings target from $450 million to $500 million, which it expects to achieve by the end of fiscal 2020.
The presentation will be archived on investor.campbellsoupcompany.com and available for replay later today.
About Campbell Soup Company
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 Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens, Garden Fresh Gourmet and Pacific Foods. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com.
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; (10) the conditions to the completion of the Snyder’s-Lance acquisition by the company, including obtaining Snyder’s-Lance shareholder approval, may not be satisfied; (11) long-term financing for the Snyder’s-Lance acquisition may not be available on favorable terms, or at all; (12) closing of the Snyder’s-Lance acquisition may not occur or may be delayed, either as a result of litigation related to the acquisition or otherwise; (13) the company may be unable to achieve the anticipated benefits of the Snyder’s-Lance acquisition; (14) completing the Snyder’s-Lance acquisition may distract the company’s management from other important matters; (15) disruptions to the company’s supply chain, including fluctuations in the supply of and inflation in energy and raw and packaging materials cost; (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 of this release.