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SOUTH JERSEY

Campbell: Cutbacks will cost more

Jim Walsh
@jimwalsh_cp

CAMDEN – Campbell Soup Co. said Monday it expects to spend up to $195 million in additional funds for a restructuring intended to reduce long-term operating costs.

The increased spending will occur over a three-year period as Campbell cuts annual operating costs by $200 million, the firm said in a filing with the U.S. Securities and Exchange Commission. The costs are expected to included up to $55 million for employee severance and benefit costs.

Campbell said its overall pre-tax cost for the restructuring is now estimated at $250 million to $325 million.

Also Monday, Campbell said it has completed the $231 million acquisition of Garden Fresh Gourmet, a Michigan-based producer of refrigerated salsa, hummus and other products.