Press release from Business Wire
Campbell Soup Company Invests in Pepperidge Farm Innovation Center to Drive Further Growth in Baking and Snacking Businesses
Tuesday, July 12, 2011
CAMDEN, N.J. (Business Wire) -- Campbell Soup Company (NYSE:CPB) today announced that it will invest more than $30 million to build a new 34,000-square-foot innovation center at its Pepperidge Farm facilities at 595 Westport Avenue in Norwalk, Conn. The project will also include extensive upgrading of Pepperidge Farm's existing headquarters at the site.
Campbell Soup Company will invest more than $30 million to build a new, 34,000-square-foot innovation center at its Pepperidge Farm facilities (595 Westport Avenue in Norwalk, Conn.). The investment reflects Campbell's commitment to continue innovation in its Baking and Snacking portfolio, the company's second-largest reporting segment. (Photo: Business Wire)
The investment reflects Campbell's efforts to further increase the rate of innovation across its Baking and Snacking portfolio, the company's second-largest reporting segment, which includes both its Pepperidge Farm unit and Arnott's in Asia Pacific.
“This investment is the latest step in our effort to drive increased innovation and create new products to delight consumers,” said Denise Morrison, Chief Operating Officer and CEO Elect. “Pepperidge Farm has delivered outstanding innovations that have contributed to the growth of Campbell for more than 50 years, and we expect the new innovation center to fuel further collaboration and growth across our global baking and snacking portfolio.”
The innovation center will feature a contemporary design with a curved glass exterior and will house a state-of-the-art pilot plant with product development and testing lines, culinary kitchens, scientific labs and meeting rooms. The company expects to break ground on the project, pending permits and other governmental approvals, in August 2011 and plans to complete construction in fall 2012.
“Having an innovation center at our headquarters in Norwalk will deliver many benefits to our business, including accelerated innovation,” said Pat Callaghan, President of Pepperidge Farm. “It will enable us to conduct research and testing of new product concepts in a much more convenient and cost-effective way and will support greater innovation for both our Bakery and Snacks units, especially as we continue to focus on global baked snacks as a strategic priority. In sum, the new facility will allow us to continue answering the question that Pepperidge Farm Founder Margaret Rudkin was famous for asking: ‘What's Next?'”
Designed by The Dennis Group, Springfield, Mass., and Perkins Eastman, Stamford, Conn., the innovation center will be an extension of Pepperidge Farm's headquarters that will connect to the main building by a glass enclosed internal walkway that will allow viewing of the research floor. The center will be designed as an environmentally-friendly, LEED-certified (Leadership in Energy and Environmental Design) “green” building and will employ a variety of energy efficiency, water conservation and day-light harvesting techniques, and will use recycled building materials in the construction.
Once the new facility is completed, Pepperidge Farm's headquarters will include approximately 115,000 square feet of office and research and development space. The company also leases 33,500 square feet of space at Norwalk's NordenPlace Office Park.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell's,” “Pepperidge Farm,” “Arnott's” and “V8.” 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.campbellsoup.com.
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Campbell Soup Company
Anthony Sanzio (Media)
Jennifer Driscoll (Analysts/Investors)