CAMPBELL TO EXPAND WORLD HEADQUARTERS FACILITIES IN CAMDEN, NJ WITH $72 MILLION INVESTMENT
CAMDEN, N.J. (February 7, 2007) – Campbell Soup Company (NYSE:CPB) today announced an agreement with the State of New Jersey and the City and County of Camden under which Campbell will make an investment of up to $72 million to expand and enhance its World Headquarters in Camden as part of a redevelopment plan for the city. The investment reflects the latest step in Campbell’s transformation and the company’s longstanding commitment to Camden, its home since 1869. At a morning news conference today, Campbell President and CEO Douglas R. Conant will unveil plans for a new 80,000 square foot employee services building and highlight enhancements to existing Campbell buildings.
“Camden has been Campbell’s home for more than 137 years,” Conant said. “We have deep roots here, not just in bricks and mortar, but through our community service, employee volunteerism, and through the Campbell Soup Foundation’s partnerships with community organizations. This is a great day for Campbell; a great day for the City and County of Camden; and a great day for the State of New Jersey and the Delaware Valley.”
Conant will be joined at the news conference by New Jersey Governor Jon S. Corzine, along with state, county and local officials, and community leaders. Corzine plans to announce that the state will partner with Campbell to help develop a 110-acre office park in Camden’s Gateway Redevelopment District, with Campbell as its anchor. The state, county, and city plan to invest about $26 million in the area’s infrastructure, including improvements to roads, as well as water and sewer upgrades for the redevelopment area.
“This deal demonstrates the importance and the benefits of public-private partnerships in helping our communities thrive,” Governor Corzine said. “Stimulating economic growth is vital to our ongoing efforts to revitalize Camden, and this collaboration between Campbell and state, county, and local government represents an important sign of renewal for the city.”
The project is predicated on future governmental actions before construction of the new Campbell building and the development of the proposed office park will begin.
The development project is dependent upon the re-zoning of the immediate area around Campbell from “light/industrial office” to “office campus zone.” The proposed 110-acre office park will extend from Pine Street to Admiral Wilson Boulevard and will be able to accommodate approximately 500,000 additional square feet of office space. Campbell will be designated the master developer of the 110-acre office park and will work with state and local officials to attract developers and other businesses. Campbell’s campus will use approximately 40 acres.
Campbell’s new employee services building will feature a dramatic glass entrance and lobby with super-graphics that will be visible from Rt. 30 and easily accessible from both Rt. 30 and interstate 676. The new building will include a state-of-the art cafe; fully equipped fitness center; a company store and credit union; as well as office space and conference rooms. These all will be relocated from existing buildings. Campbell plans to link the new facility with other buildings on its campus to create an open-air courtyard. Additionally, the building will house an innovative training and learning center called Campbell University.
The new building will be designed by Philadelphia-based architects KlingStubbins as an environmentally-friendly, LEED-certified (Leadership in Energy and Environmental Design) “green” facility. It will employ energy efficient HVAC, water conservation, recycled building materials, and day-light harvesting, among other environmentally efficient features.
Campbell expects to break ground on the building, pending permits and other governmental approvals, in the summer of 2007 and plans to complete construction in the fall of 2008. Once the new building is completed, Campbell’s Camden facilities will include approximately 750,000 square feet of office and research and development space. The project marks the first major development to Campbell’s World Headquarters since the construction of the Dr. John T. Dorrance Culinary Center in 2003. The Dorrance Center is regularly a site of community events.
“This project is the latest step in Campbell’s transformation,” noted Conant. “We have made extraordinary strides in meeting workplace, marketplace, and financial goals during the past six years. The time is right to enhance our work environment for employees and visitors. This campus will be the new face of Campbell Soup Company in Camden.”
Camden Mayor Gwendolyn Faison said, “Campbell Soup Company is synonymous with the City of Camden. We are thrilled that Campbell has joined with the city, county, and state in a plan that will strengthen Campbell’s roots in Camden and that the company will continue to contribute to the many positive developments underway here.”
The development of Campbell’s new campus and the surrounding office park are the latest in a series of redevelopment efforts undertaken to rejuvenate Camden, including the creation of waterfront attractions, such as the Adventure Aquarium and the Tweeter Performing Arts Center; Campbell Field, home to the Camden Riversharks independent league baseball team; the expansion of Rutgers University Law School; and the Victor Lofts, a residence built in the historic RCA Victor manufacturing facility, among others. There are additional redevelopment efforts beyond the waterfront, including the new Cooper Hospital patient care pavilion, and the new UMDNJ Academic and Research Building, among others.
To improve traffic patterns for the overall office park and surrounding area, the state and city plan to implement roadway recommendations outlined by the State of New Jersey and the Camden Redevelopment Authority.
Located in Camden since its founding in 1869, Campbell Soup Company is the longest-standing corporate tenant in the city and the only Fortune 500 Company headquartered in Camden. Campbell has been an active participant in Camden’s redevelopment through a number of initiatives, including its ongoing activities through the Campbell Soup Foundation, which is dedicated to supporting organizations that inspire positive change in the communities where Campbell operates. On average, the Foundation contributes $1.5 million annually to nonprofit organizations working to produce tangible results in education, housing, health, and economic development; the vast majority of those funds directly benefit organizations located in Camden. For example, the Campbell Soup Summer Program supports organizations that offer Camden youth summertime activities such as career training, recreation, and cultural and academic instruction. Over its 31-year history, the Summer Program has contributed more than $10 million to local organizations and has provided constructive summers to more than 500,000 Camden youth. Additionally, Campbell and its employees are the largest single contributor to the United Way of Camden County.
About Campbell Soup Company Campbell Soup Company is a global manufacturer and marketer of high quality simple meals, including soups, baked snacks, vegetable-based beverages, and premium chocolate products. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For more information on the company, visit Campbell’s website at www.campbellsoupcompany.com.