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Campbell Soup Company to acquire Ecce Panis
Campbell Soup Company has entered into an agreement to acquire artisan bread maker Ecce Panis Inc, headquartered in East Brunswick, New Jersey. Campbell plans to run the business as a distinct brand within its Pepperidge Farm bakery operations.
Financial terms were not disclosed. The transaction is expected to be completed later this spring. Campbell anticipates that the acquisition will not have a material impact on fiscal 2009 earnings and will be slightly accretive to earnings in fiscal 2010.
Douglas R Conant, Campbell’s president and CEO, said: “The acquisition of Ecce Panis is consistent with our strategy to drive growth in our core categories through strategic acquisitions and outside partnerships. Artisan bread represents one of the fastest growing segments of the bakery category, and I’m confident that we can leverage our sales and marketing capabilities to expand the availability of Ecce Panis products and complement our existing bakery business.”
Founded in 1988 as a small Manhattan bakery, Ecce Panis has grown into a 113,000 sq ft bakery with 115 employees making premium, handcrafted, stone-baked artisan breads that are sold primarily through in-store bakeries of leading retailers and grocery chains across the US. The par-baked frozen breads and rolls are shipped to customers, where the baking process is finished within their in-store bakeries.
“Ecce Panis products are a great fit within the Pepperidge Farm portfolio, and will help create new growth opportunities for our business,” said Pat Callaghan, president of Pepperidge Farm. “Ecce Panis is a well-run and profitable company with a strong management team, innovative baking facilities and products that are part of a large and growing market. We’re excited to bring these great products to more people and expand our artisan offerings.”
New ideas website
The company has also launched a new website called ‘Campbell’s Ideas for Innovation’, inviting scientists, entrepreneurs and inventors to submit their ideas to Campbell for evaluation.
Campbell is focused on generating ideas in the areas of new products, packaging innovation, product line extensions, environmental sustainability, business processes and marketing. In addition, the company is interested in new technologies related to sodium reduction, vegetable nutrition and healthier fats and oils.
Carl Johnson, Campbell’s chief strategy officer, said: “Campbell has had a solid track record for innovation in the categories in which we compete: soup and simple meals, baked snacks and healthy beverages. We’re committed to improving our innovation results, and a key element in this improvement requires us to be open to ideas from inside and outside the company. The ‘Ideas for Innovation’ website is one of the ways we’re accessing innovation from outside sources.”
The ‘Ideas for Innovation’ website is designed to provide an effective way for Campbell to review and evaluate unsolicited ideas by offering people who don’t work for the company an easy way to submit ideas.
Ideas submitted to Campbell through the ‘Ideas for Innovation’ programme will be evaluated by a team assembled for this purpose, and will be reviewed and evaluated by someone with direct knowledge of the relevant business or function, and who will determine whether there’s an interest in pursuing the idea.
Source: Campbell Soup Company
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