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News Breaks | | | | February 14, 2013 | | 16:37 EDT |  | CPB | Campbell Soup enters agreement with Grupo Jumex, to cut 260 jobs in Mexico
Campbell Soup announced that it has entered into commercial arrangements with Grupo Jumex and Conservas La Costena that will expand the company's access to manufacturing and distribution capabilities in Mexico for its beverages, soups, broths and sauces. Grupo Jumex, the largest producer of fruit juices and nectars in Mexico, will manufacture and distribute Campbell's "V8" portfolio throughout the Mexican market. Conservas La Costena, one of the largest producers of prepared foods in the country, will manufacture and distribute "Campbell's" soups, broths and Italian sauces. Under the terms of its agreements with each partner, Campbell will retain responsibility for consumer marketing, product research and new product development. Financial terms were not disclosed. Currently, Campbell employs approximately 330 people in Mexico. As a result of entering into these agreements, Campbell will close its plant in Villagran, Mexico, and eliminate approximately 260 positions. The company plans to retain approximately 70 positions in R&D, sales, supply chain, marketing and general management. Production from the Villagran facility will be transitioned to Grupo Jumex and Conservas La Costena facilities in phases through September 2013. Campbell anticipates that it will record a restructuring charge of $9M related to this initiative, most of which will be incurred in Q2. | |
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News For CPB From The Last 14 Days Check below for free stories on CPB the last two weeks. |
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| May 21, 2013 | | 07:45 EDT |  | CPB | Morgan Stanley remains cautious on Campbell Soup
 Subscribe for More Information | | | May 20, 2013 | | 09:48 EDT |  | CPB | Campbell Soup reverses down from pre-market highs, levels to watch
Subscribe for More Information | | | 08:42 EDT | | CPB | Campbell Soup rises after earnings, approaching $50
Subscribe for More Information | | | 07:34 EDT |  | CPB | Campbell Soup raises FY13 adjusted EPS view to $2.58-$2.62, consensus $2.56
The company revised its previous FY13 guidance and now expects to grow sales at the upper end of the 10%-12% range and adjusted EBIT at the upper end of the 4%-6% range. Adjusted EPS, benefitting from a favorable tax rate and the EBIT improvement, is now expected to exceed the previous range of 3%-5%. The company now expects adjusted EPS to grow between 6%-7%, putting adjusted EPS in the range of $2.58-$2.62. Guidance includes the estimated impact of the Bolthouse Farms business and excludes the impact of acquisition transaction costs and restructuring charges. In FY13, Campbell expects Bolthouse Farms to contribute approximately $750M to sales and add approximately 6c to adjusted EPS, including the impact of the suspension of Campbell’s strategic share repurchase program. | | | 07:32 EDT | | CPB | Campbell Soup reports Q3 adjusted EPS 62c, consensus 56c
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