Campbell Soup Company(NYSE:CPB) and Green Mountain Coffee Roasters, Inc.(GMCR)(NASDAQ:GMCR) today announced an agreement that will bring together Campbell’s, the number one soup brand in the United States, and Keurig®, the number one coffee brewer brand in the United States by dollar sales.1 Campbell’s Fresh-Brewed Soup K-Cup® packs will offer consumers the taste and experience of Campbell’s soups in a convenient snack that can be prepared at the touch of a button in Keurig® brewers.
"Campbell's Fresh-Brewed Soup(TM)" will offer consumers the taste and experience of "Campbell's" soups in a convenient snack that can be prepared at the touch of a button in Keurig(R) brewers. (Photo: Business Wire)
Snacking is a growing behavior among U.S. consumers, with more than half snacking multiple times a day.2 Consumers are also looking for snacks that serve as mini-meals to satisfy hunger, and there is an increasing need for ultra convenient options.3Campbell’s Fresh-Brewed Soup was designed to meet that consumer need.
“This innovative partnership is a win for consumers and for both companies, and represents another important step as Campbell expands into higher-growth spaces,” said Denise Morrison, President and Chief Executive Officer of Campbell Soup Company. “Campbell is connecting with consumers in new and exciting ways. We expect this delicious Campbell’s Fresh-Brewed Soup to provide consumers with a flavorful, convenient soup that fits their lives today.”
“Campbell’s is an iconic brand that shares our focus on harnessing innovation to delight consumers – making them an ideal partner as we take this first step beyond beverages for the Keurig system,” said Brian P. Kelley, President and CEO of GMCR. “The union of Campbell’s great taste and the speed and convenience of Keurig invites new consumption occasions and positions both companies to better meet the growing snacking needs of consumers in the U.S.”
Campbell’s Fresh-Brewed Soup uses proprietary Keurig® manufacturing expertise to seal in the ingredients’ peak flavor, and Keurig’s single-serve knowledge to release an authentically delicious, perfectly-portioned snack. Combining the trusted properties of a Keurig Brewed® K-Cup® pack and Campbell’s savory recipes, Campbell’s Fresh-Brewed Soupwilldeliver a flavorful hot broth through the ease and convenience of the Keurig® brewing system. Campbell’s Fresh-Brewed Soup consists of a broth K-Cup® pack and an included packet of dry pasta and vegetable blend garnish. Consumers simply brew a broth K-Cup® pack over this garnish to create a satisfying snack in minutes.
The companies expect to launch three varieties of the new soup, including Homestyle Chicken Broth & Noodle,in 2014. They also expect Campbell’s Fresh-Brewed Soup will be offered in the same aisles and retail sections of stores where Keurig Brewed® K-Cup® pack varieties are sold.
About Campbell Soup Company
Campbell Soup Company is a manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell's,” “Pepperidge Farm,” “Arnott's,” “V8,” “Bolthouse Farms,” “Plum Organics” and “Kjeldsens.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.
About Green Mountain Coffee Roasters, Inc.
As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ:GMCR), is recognized for its award-winning coffees, innovative Keurig® single cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by investing in sustainably-grown coffee, and donating a portion of its pre-tax profits to social and environmental projects. For more information, please visit www.GMCR.com, www.greenmountaincoffee.com, or www.keurig.com.
GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company's automatic email news release delivery, individuals can receive news directly from GMCR as it is released.
Campbell Soup Company Forward-Looking Statements
This release contains "forward-looking statements." Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "believes," "estimates," "expects" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make on the expected impact of the potential transaction with Green Mountain Coffee Roasters, Inc. Forward-looking statements are based on our current expectations and assumptions regarding our business, our industry and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to realize the anticipated benefits from the potential transaction with Green Mountain Coffee Roasters, Inc. and the other factors described in the company's most recent Form 10-K and subsequent SEC filings. We undertake no obligation to update these statements to reflect new information or future events.
GMCR Forward-Looking Statements
Certain information contained in this filing, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are "forward-looking statements". Generally, these statements may be identified by the use of words such as "may," "will," "would," "expect," "should," "anticipate," "estimate," "believe," "forecast," "intend," "plan" and similar expressions intended to identify forward-looking statements. These statements may relate to: the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and earnings performance and other financial measures, the expected productivity and working capital improvements, the ability to maximize or successfully assert our intellectual property rights, the success of introducing and producing new product offerings, ability to attract and retain senior management, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, and the impact of the inquiry initiated by the SEC and any related litigation or additional governmental inquiry or enforcement proceedings.
These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber-attacks, and other risks described in our filings with the Securities and Exchange Commission.
Actual results could differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
1 NPD Data, all channels as of July 2013
2 The NPD Group: Snacking in America - 2012
3 Symphony IRI Group: State of the Snack Industry 2013
Campbell Soup Company
Carla Burigatto (Media), 856-342-3737
Jennifer Driscoll (Analysts/Investors), 856-342-6081
Green Mountain Coffee Roasters Inc.
Kristen Mercure (Media), 802-488-2498
Suzanne DuLong (Analysts/Investors), 802-488-2600
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