Campbell To Spin Off Non-Core Business

Campbell Soup Co. plans to create a new company featuring its Vlasic pickles and Swanson frozen dinners and spin it off to shareholders.

Campbell said Tuesday the spin-off would allow it to concentrate on expanding its core, or main, businesses, which include its signature Campbell’s soup line and Pepperidge Farm baked goods, and to reduce costs.

In all, seven non-core businesses with revenues of $1.4 billion would be included in the yet-to-be-named company. It would rank 21st of the 32 publicly held food companies, Campbell said.

Campbell said the spin-off is expected to be in the form of a distribution of shares of the new company. It hopes to complete the move by the end of next February.

Campbell Chief Executive Officer Dale F. Morrison said the move would allow Campbell “to focus on our most profitable businesses with the highest growth potential.”