Campbell Soup Co. has spent the last year pursuing a strategic restructuring, and now it has a new dealmaker to explore growth initiatives moving forward. The 81-year-old consumer food giant, which in addition to its signature soups owns V8 and Pepperidge Farm, has hired former Lehman Brothers Inc. investment banker Tarkan Gurkan, who worked in the bank's global consumer and retail group as vice president of corporate development. Previously, Gurkan worked in international M&A for Nabisco Holdings Corp. and PepsiCo Inc.
Campbell has spent the past few months shedding noncore brands and giving its soups a healthy, low-sodium makeover, though it's still struggling amid rising cost inflation in North America and costs related to underperforming overseas brands. Adjusted earnings from continuing operations in the
third-quarter announced May 19 were $154 million, compared with $172 million a year earlier. Overall net earnings more than doubled, to $532 million, from $217, million a year earlier, due largely to the March
sale of Campbell's Godiva chocolate business to
Turkish food company Yildiz Holdings A.S. for $815 million. In addition, the company completed the sale on May 13 of its Australian salty snack brands, which includes the popular Kettle Chips, to a group of Australian investors.
Campbell also introduced soups in Russia and China, the world's leading soup-consuming countries, last year. With his extensive experience in international dealmaking, it's likely Gurkan will play a key role in expanding Campbell's in these emerging markets -- and possibly others -- as the company seeks growth opportunities outside North America. -- Suzanne Stevens
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