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Food & Beverage

Campbell Soup in Joint Venture to Expand in China

January 13, 2011
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According to Reuters, Campbell Soup Co. said it would form a joint venture with Swire Pacific Ltd. to expand the reach of its business in China. Campbell, the world''s largest soup company, started selling soup in China in 2007 but has been looking for ways to expand the business in the world''s most populous country, where most people still eat homemade soup. Under the agreement, Campbell will own 60 percent of the Campbell Swire joint venture. Campbell has seen its core U.S. soup market hurt in the past several quarters as competitors have offered promotional deals and consumers have focused on finding the lowest price for soup and other convenient meals. In the latest quarter, Campbell''s ready-to-serve soup sales fell 13 percent, hurt by stepped-up promotions by rival brand Progresso, owned by General Mills Inc. Campbell has said it plans to focus in the United States more on its units that sell items like V8 juices and Pepperidge Farm Goldfish crackers.

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