Campbell Soup Co. is consolidating its office footprint from three locations to one, and Camden, New Jersey, will be the beneficiary.
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Campbell's announced Wednesday it will be closing corporate offices for its snacks division in Norwalk, Connecticut, and Charlotte, North Carolina, and bringing them to its Camden headquarters. The company will spend $50M to expand and renovate the campus to accommodate the organizational change.
In addition to upgrading existing workspaces and meeting areas, Campbell's plans to build a new campus center and a snack food research and development center, as well as a production facility for product pilots, the announcement stated. Construction is expected to begin in March.
Campbell's acquired Charlotte-based snack food company Snyder's-Lance in 2018, and has been assessing its corporate office usage ever since, the company said in its announcement. It acquired Norwalk-based Pepperidge Farm more than 60 years ago, leaving it in place as a subsidiary in the intervening years, the Philadelphia Inquirer reports.
Both subsidiaries have production facilities in their home states that will be unaffected by the closure of their corporate offices, the announcement stated. Snyder's also has a facility in Hanover, Pennsylvania, that will not be affected.
Campbell's expects the reorganization to begin delivering bottom-line savings by next year, reaching $10M a year by 2026.
Campbell's has called its low-rise, suburban-style office campus at 1 Campbell Place home since 1957. A $132M improvement project in 2010 added a modern employee center and commuter infrastructure that helped Camden land a new American headquarters for Subaru next door in 2018.
Together, Snyder's and Pepperidge Farm comprise the snacks division of Campbell's, while products that originated from the original company are organized under the meals and beverages division. Each of the two divisions will have its own section on the revamped campus, but being neighbors as opposed to located several states apart will allow for more movement and collaboration between divisions, Campbell's President and CEO Mark Clouse said in a statement.
Campbell's said it does not expect to lose any positions with the move, and announced that it will be offering relocation support. It expects corporate employees to spend three days on campus and two days working remotely per week on a long-term basis.
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