Campbell, Swire Pacific form joint venture in China
January 12, 2011
CAMDEN, N.J. — Campbell Soup Co. and Swire Pacific Ltd. have formed a joint venture called Campbell Swire to support the development of the soup business in China.
The new company will begin operations in early 2011, and Campbell will have a 60% ownership stake.
“We continue to believe that developing a commercial soup market in China represents a tremendous business opportunity for our company,” said Douglas R. Conant, president and chief executive officer at Campbell. “Realizing the benefit of such an opportunity requires a long-term commitment and the right strategic partner. Swire has been an effective distribution partner for Campbell since we launched our business in China in 2007, and we look forward to the next phase of our relationship together.”
The joint venture will be based in Shanghai and will manufacture, package, brand, market, sell and distribute soup, broth and stock products in China.
“The consumption of soup is an integral part of Chinese dining culture and its commercialization has exciting potential, which we believe this new partnership can realize,” said Christopher Pratt, chairman of Swire Pacific Ltd. “Campbell as a global leader in the marketing and manufacturing of soup, together with Swire Pacific’s long experience of sales and distribution in China, will bring the right attributes to develop this market opportunity.”