Campbell Soup Co., the US food group, is to close plants in Canada and Australia in a bid to further focus its business on simple meals, baked snacks and beverages.
Go deeper with GlobalData
The company plans to shut a frozen food facility in Canada and close a site in Australia producing private-label biscuits and industrial chocolate. The closures will lead to the loss of around 650 jobs.
Campbell, which last year sold off upmarket chocolate business Godiva, also plans to offload its snack food business in Australia.
The company said it had struck a deal with a group of local investors, including management at Australian snack firm The Real McCoy, for the business, including two production plants and a handful of brands.
President and CEO Doug Conant said Campbell had a “relentless focus” on simple meals, baked snacks and healthy drinks.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataConant added: “The actions announced today will continue to position Campbell as a high-performing focused food company.”
The closure of the frozen food plant in Ontario, Canada will take place in a year. Campbell will run the site until then and transfer production to contract manufacturers throughout North America.
Elsewhere, Campbell also plans to streamline its international management team, although it gave no further details.
In New York, Campbell shares closed down yesterday (28 April) 0.35% at US$34.54.
