Campbell Soup Company (NYSE:CPB) today announced it has entered into an agreement to sell its Generale Condimentaire (GECO) business to Lesieur, a company indirectly held by Sofiproteol, the financial arm of the French oilseed producers.

Financial terms of the agreement were not disclosed.

The agreement is subject to the customary closing condition of merger clearance. Closing is expected within the next few months.

Campbell’s GECO business comprises sauce and mayonnaise products sold under the “Lesieur” brand in France and a manufacturing facility in Dunkerque, France, which employs 102 people. The GECO business has annual sales of approximately $70 million. Campbell currently licenses the “Lesieur” name from Lesieur and makes annual payments for the use of the brand.

Campbell will focus its business in France on growing its presence in the simple meals category, particularly with its soup business where it owns the market-leading “Liebig” soup brand. Campbell employs 400 people across its offices in Boulogne-Billancourt and its manufacturing site in Le Pontet.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup, 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.” For more information on the company, visit Campbell’s website at www.campbellsoup.com.

Forward-Looking Statements

This release contains "forward-looking statements" which reflect the company's expected future business and financial performance, including statements about future plans, strategies, opportunities and objectives of management; statements concerning expected development, market performance or consumption trends of new or reformulated products; statements concerning projections of sales, earnings or volume growth; and statements regarding assumptions underlying any of the foregoing. Forward-looking statements by their nature address matters that are uncertain and are subject to risks. These uncertainties may cause our actual results to vary materially from those expressed or implied in our forward-looking statements. Please refer to the company's most recent Form 10-K and subsequent filings for a further discussion of risks. The company disclaims any obligation to update its forward-looking statements.

Contacts:

Campbell Soup Company
Anthony Sanzio (Media)
856-968-4390
or
Leonard F. Griehs (Analysts)
856-342-6428