Campbell Announces Initiatives to Increase Supply Chain Efficiency and Reduce Overhead Costs; Expects to Eliminate 770 Jobs

Campbell Soup Company CPB today announced a series of initiatives to improve supply chain efficiency and reduce overhead costs across the organization. The company also announced its intent to close its office in Moscow and exit the Russian market. Campbell expects to eliminate approximately 770 positions in connection with these initiatives and to incur aggregate pre-tax costs of approximately $75 million, nearly all of which will be recorded in the fourth quarter of this fiscal year. The initiatives are expected to be completed in fiscal 2013. They are expected to generate annual pre-tax savings of approximately $60 million beginning in fiscal 2012, increasing to approximately $70 million in fiscal 2014.