Campbell Announces Intent to Purchase Leading Snack Food Brands in Australia.Business Editors CAMDEN Camden, borough, Greater London, England Camden, inner borough (1991 pop. 170,500) of Greater London, SE England. Within the borough, residential Hampstead is popular with writers and artists. , N.J.--(BUSINESS WIRE)--June 4, 2002 Campbell Soup Company Campbell Soup Company (NYSE: CPB) (also known as Campbell's) is a well-known American producer of canned soups and related products. Campbell's products are sold in 120 countries around the world. It is headquartered in Camden, New Jersey. (NYSE NYSE See: New York Stock Exchange :CPB CPB see cardiopulmonary bypass. CPB Cardiopulmonary bypass. See Port-Access cardiopulmonary bypass. ) today announced that its Australian subsidiary, Arnott's Biscuits Holdings Arnott's Biscuits Holdings (commonly known as Arnott's), is a subsidiary of the Campbell Soup Company of America. In Australia Arnott's is the largest producer of biscuits and the second-largest supplier of snack food. Pty Ltd PTY LTD Propriety Limited (company structure in Australia) , has agreed to make a cash offer of $2.00 per share (Australian) for all of the shares of Snack Foods Limited Snack Foods Limited is an Australian snack food company and was officially formed on 25 November 1999, and is owned by the Campbell Soup Company's Australian subsidiary, Arnott's Biscuits Holdings Pty Ltd. , a leader in the Australian salty snack category. Under the terms of the offer, Snack Foods A list of snack foods is shown below. For more information, see snack foods. List of snack foods Chips (Crisps)
The Board of Directors of Snack Foods Limited has unanimously recommended that its shareholders accept the offer. In addition, Snack Foods Limited's largest shareholder, Thorney Holdings Pty Limited, has granted to Arnott's an option on up to approximately 20% of Snack Foods Limited's shares. Arnott's offer will be subject to a number of conditions, including the tender of at least 90% of the outstanding shares in the offer and the approval of Australian antitrust and foreign investment authorities. Snack Foods Limited had approximately $125 million (U.S.) in sales in 2001, and over the past two years its sales have grown an average of 8% annually. Arnott's, the biscuit market leader in Australia, entered the salty snack category in 1996 with the acquisition of the "Kettle Chip" brand. With the addition of Snack Foods Limited's brands in the potato chip, corn chip and other snack segments of the salty snack market, Arnott's will be the number two producer in the Australian salty snack market, which has been growing at an annual rate of 7.5% over the past three years. "This acquisition is consistent with our transformation plan strategy to strengthen our portfolio for predictable volume and profit growth," said Douglas R. Conant, Campbell's President and Chief Executive Officer. "Snack Foods Limited has strong brands, which will complement our current franchise and extend our presence in the Australian biscuit and snacking market." Forward-Looking Statements This release contains "forward-looking statements" which reflect the company's current expectations about its future performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the company. Please refer to the company's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and subsequent filings for a further discussion of these risks and uncertainties. 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. About Campbell Soup Company Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverages, biscuits, confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include "Campbell's" soups worldwide, "Erasco" soups in Germany and "Liebig" soups in France, "Pepperidge Farm Pepperidge Farm was founded in 1937 by Margaret Rudkin, who named the brand for a property her family owned in Connecticut (which itself was named for the pepperidge tree, Nyssa sylvatica). In 1961, the company was purchased by Campbell's. " cookies and crackers, "V8" vegetable juices, "V8 Splash" juice beverages, "Pace" Mexican sauces, "Prego" Italian sauces, "Franco-American" canned pastas and gravies, "Swanson" broths, "Homepride" sauces in the United Kingdom, "Arnott's" biscuits in Australia and "Godiva" chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the "Batchelors," "Oxo," "Lesieur," "Royco," "Liebig," "Heisse Tasse," "Bla Band" and "McDonnells" brands. The company is ably supported by approximately 24,000 employees worldwide. For more information on the company, visit Campbell's website on the Internet at www.campbellsoup.com. |
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