Campbell to Explore Strategic Alternatives for Godiva Business

    CAMDEN, N.J., August 9 /CNW/ - Campbell Soup Company (NYSE:  CPB) today
announced that it will explore strategic alternatives, including possible
divestiture, for its Godiva Chocolatier business. The decision follows a
review of Campbell's portfolio as part of the company's ongoing strategic
planning process.

    Godiva Chocolatier is one of the world's leading premium chocolate
businesses and has annual sales of approximately $500 million. Godiva products
are sold through company-owned and franchised retail stores, wholesale
distribution points, including specialty retailers and finer department
stores, and on the internet.

    Douglas R. Conant, Campbell's President and Chief Executive Officer,
said, "Godiva is one of the world's most recognized luxury brands and the
business has been a strong performer for Campbell. Although the premium
chocolate category is experiencing strong growth and Godiva is well-positioned
for the future, the premium chocolate business does not fit with Campbell's
strategic focus on simple meals,--including soup--baked snacks, and
vegetable-based beverages. It is the right time to explore strategic
alternatives for Godiva as we continue to optimize Campbell's long-term growth
potential by leveraging the competitive advantages of our simple meals, baked
snacks, and vegetable-based beverages businesses."

    Campbell has retained Centerview Partners LLC as its financial advisor in
this matter.

    About Campbell Soup Company

    Campbell Soup Company is a global manufacturer and marketer of high
quality foods and simple meals, including soup, baked snacks, vegetable-based
beverages, and premium chocolate products, with annual revenues in excess of
$7.3 billion. Founded in 1869, the company has a portfolio of market-leading
brands, including "Campbell's," "Pepperidge Farm," "Arnott's," "V8," and
"Godiva." For more information on the company, visit Campbell's website at

    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.


For further information:

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

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