Campbell to split in two

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Campbell Soup Co. said it intends to create a new $1.4 billion company with brands such as Vlasic pickles, Swanson frozen dinners and Open Pit barbecue sauce, plus overseas businesses, and spin it off to shareholders. Campbell would keep what it calls its core global businesses: soups and sauces, biscuits and confectionery, and foodservice.

Campbell Exec VP Robert F. Bernstock, who also is president of Campbell's U.S. Grocery Division, was named CEO of the new company Campbell is creating. Succeeding Mr. Bernstock is Mark M. Leckie, 44, president of Kraft Foods' Post Cereals division (see related story below).

Also at Campbell's U.S. Grocery Division, Sally Genster Robling, 40, was named VP-marketing, from VP-special markets, where she directed Campbell's growth in non-supermarket channels. The $3.8 billion U.S. Grocery Division includes Campbell's soup brands, V8 juices, Prego spaghetti sauces, Pace Mexican sauces, Franco American pastas and Swanson broths and canned poultry.

The new company will operate as a division of Campbell pending final approval of the spinoff by the Campbell board and receipt of favorable tax rulings. Campbell hopes to complete the spinoff by the end of February. No name for the new company was announced.

Copyright September 1997, Crain Communications Inc.

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