Campbell Soup Company Acquires Wolfgang Puck Soup Business

Acquisition from Country Gourmet Foods Strengthens Campbell's Organic and Premium Soup Offerings

CAMDEN, N.J. July 1, 2008 — Campbell Soup Company (NYSE: CPB) today announced it has acquired the Wolfgang Puck soup business from Country Gourmet Foods. Separately, Campbell has entered into a master licensing agreement with Wolfgang Puck Worldwide, Inc. for the use of the Wolfgang Puck brand on soup, stock and broth products in North American retail locations, with an option to extend the brand into other related categories and channels. Wolfgang Puck is one of the leading organic soup brands in the United States.

Financial terms of the agreement were not disclosed. Campbell anticipates that the acquisition will not have a material impact on its business results in fiscal 2009.

The acquisition of the Wolfgang Puck business and the trademark licensing agreement support Campbell's commitment to wellness and extend the company's offerings in the growing organic and natural segment of the market. According to industry estimates, full year 2007 sales for organic wet soup in the U.S. were $150 million, with a compound annual growth rate of 23 percent from 2003 to 2007.

Campbell currently offers several organic products, including "Campbell's" tomato juice, "V8" vegetable juice, "Prego" pasta sauce, "Pace" salsa, and varieties of "Swanson" broth.

Douglas R. Conant, Campbell's President and Chief Executive Officer, said, "We intend to strengthen and grow our business by pursuing strategic acquisitions and partnerships that complement our focus on our core categories of simple meals, baked snacks and healthy beverages. As the world's leading soup company, Campbell must expand its role in the organic segment of the market. Combining Wolfgang's brand and reputation with Campbell's distribution and marketing capabilities creates the opportunity for significant growth."

Introduced in 1997, Wolfgang Puck offers three main product lines—its original "red label" ready-to-serve soups, organic and natural "green label" ready-to-serve soups, and natural and organic stocks and broths. The Wolfgang Puck portfolio of soup products has current net sales of approximately $22 million. The products are currently available in a number of retail locations across the U.S.

"The Wolfgang Puck brand fits nicely with our focus on simple meals and offers a solid path to extend our wellness offerings. What makes Wolfgang Puck attractive to Campbell is its association with gourmet, chef-inspired recipes and its strong and growing presence in the organic and natural segment of the market," said Denise Morrison, President, Campbell's North America Soup, Sauces and Beverages. "In addition to its organic and natural credentials, Wolfgang Puck products are positioned as a high-quality premium brand, with the potential to be extended into premium soup offerings."

Campbell plans to operate the Wolfgang Puck business as a distinct brand within its Campbell USA portfolio and to leverage its existing distribution capabilities to expand the availability of Wolfgang Puck products. Under Campbell, the Wolfgang Puck brand will have a dedicated integrated business team and will be able to draw upon the resources within the Campbell USA business.

"I've always believed in providing the best-tasting, quality products, using the freshest all-natural and organic ingredients and I'm proud we were one of the first organic soups in the market offering restaurant-quality taste," said Chef Wolfgang Puck. "As a leader in the soup category and food industry, Campbell Soup Company is an ideal partner for continuing to grow the Wolfgang Puck brand in the soup aisle and allowing even more consumers the opportunity to eat well."

Wolfgang Puck is a world-renowned chef and restaurateur who was recently honored with the Culinary Institute of America's Chef of the Year award recognizing his influence and impact on the culinary and hospitality industry, his inspiration to generations of chefs, his leadership in revolutionizing California cuisine and his bringing cooking into homes across the nation with his cookware and packaged goods.

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 campbellsoup.com.

About Wolfgang Puck Worldwide, Inc.

Wolfgang Puck Worldwide, Inc., a privately held corporation, includes franchises of casual Wolfgang Puck Bistro and fast-casual Wolfgang Puck Express restaurants, consumer products including Wolfgang Puck-branded packaged foods and beverages, book publishing and other licensing and merchandising projects. For additional information, visit wolfgangpuck.com.

Source: Campbell Soup Company

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