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Campbell to cut costs $100 million

Published on .

Campbell Soup Co., Camden, N.J., plans to cut supply chain costs by $100 million, responding to slower-than-expected volume increases in condensed soup for its fiscal second quarter ended Jan. 31. The program is aimed at "reducing the variability in trade spending, which creates major inefficiencies throughout the supply chain, including procurement, manufacturing, shipping and storage of products," the company said. Campbell blamed warm November and December weather on condensed soup volume gains of 1% to 2%, far short of the 4% target Campbell had been promising analysts. Prudential Securities analyst John McMillin late last week predicted a significant corporate event at Campbell this week. BBDO Worldwide, New York, is the condensed's soup agency.

Copyright January 1999, Crain Communications Inc.

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