Campbell Celebrates 50th Anniversary of Acquisition of Pepperidge Farm
January 10, 2011
Camden, N.J., Jan. 10, 2011 - Campbell Soup Company (NYSE: CPB) today marked the 50th anniversary of its acquisition of Pepperidge Farm with a $50,000 donation to the Christian Community Action and the Open Door Shelter in Norwalk, CT, the city where Pepperidge Farm is headquartered, and the Food Bank of South Jersey.
Campbell acquired Pepperidge Farm in 1961 when its sales were $32 million and the company had 58 products in its portfolio. In fiscal 2010, Pepperidge Farm had sales of approximately $1.3 billion and has almost 600 products. Pepperidge Farm has become a critical part of Campbell’s portfolio over time and has contributed to Campbell’s success with the growth of such unique product lines as “Goldfish” snack crackers, “Milano” cookies, Swirl bread, and a host of other fresh bakery items.
While “Goldfish” crackers were originally a snack served to adults in bars, the product is now the leading wholesome snack for kids and the number two cheese cracker in the marketplace. Twenty eight million people enjoyed “Milano” cookies last year. And Pepperidge Farm Swirl bread is the number one sweet bread with a 40 percent share of the segment.
Denise Morrison, Campbell’s Chief Operating Officer, said, “The acquisition of Pepperidge Farm is a milestone in Campbell’s 140-year history. It has proven to be one of the most strategic acquisitions our company has ever made. Pepperidge Farm has been an essential part of Campbell and a consistent growth engine over the last 50 years. Pepperidge Farm President Pat Callaghan and the entire Pepperidge Farm team provide Campbell with a steady stream of innovation, fantastic products and solid growth year in and year out. To recognize their many contributions to Campbell, and also reflect our corporate commitment to the cause of hunger relief, we are pleased to provide a gift to the Norwalk and Camden communities in the name of all our employees.”
Campbell is placing increased emphasis on its baking and snacking business, which includes Pepperidge Farm and Arnott’s in Australia. The Baking and Snacking segment currently accounts for approximately 25 percent of Campbell’s total annual sales and 20 percent of its annual profits. Growth opportunities in grain-based products are especially strong, as consumer demand for foods that are part of a healthy diet continues to rise.
Callaghan said, “Over the years, the support and resources from Campbell have enabled Pepperidge Farm to grow its unique equities in a way that otherwise would not have been possible. Our founder, Margaret Rudkin, would be so pleased to see that great tasting grain products—which have always been the core of Pepperidge Farm—are now more relevant than ever.”
Pat Callaghan will present the donations to Christiana Pope from the Christian Community Action and Izora Ebron from the Open Door Shelter at Pepperidge Farm’s headquarters, with Norwalk Mayor Richard Moccia in attendance. Each year these two shelters feed more than 30,000 people in the Norwalk area.
The $25,000 donation to the Food Bank of South Jersey will support the organization’s Cooking Matters program (nutrition education with live cooking demonstrations).
Campbell is committed to hunger relief, and has made the reduction of childhood obesity and hunger its signature community program. Campbell outlined its initial plans to reduce childhood obesity and hunger in its 2010 Corporate Social Responsibility (CSR) report. The report can be accessed at www.campbellsoupcompany.com/csr
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 Pepperidge Farm
Pepperidge Farm, Incorporated, based in Norwalk, Connecticut, is a leading provider of premium quality fresh bakery products, cookies, crackers, and frozen foods. The company was named the #1 Place to Work in Connecticut in the large companies category of the Best Places to Work in Connecticut competition for 2009. Among the company’s most popular products are “Sausalito” and “Milano” cookies, “Goldfish” crackers, “Baked Naturals” crackers, frozen Puff Pastry, frozen garlic loaves and Texas toasts, and more than 50 varieties of fresh baked breads including Pepperidge Farm® Swirl, Farmhouse and Whole Grain. The company added “Ecce Panis” gourmet artisan breads to its portfolio last year. Pepperidge Farm was founded in Connecticut in 1937 by Margaret Rudkin, an entrepreneurial homemaker who began baking fresh, all-natural bread for her allergy-afflicted son. The company is now a nationwide business with 9 manufacturing facilities and almost 5,000 employees. Pepperidge Farm has been part of Campbell Soup Company since 1961.