Campbell Soup Available in China
CAMDEN, N.J. (AP) _ Campbell Soup Co. said Thursday it has begun selling soup and broth in China, trying to capture a market of 1.2 billion people accustomed to homemade.
Nine varieties of Campbell’s condensed soups, three kinds of Swanson broths, V8 vegetable juice and Campbell’s tomato juice are being sold in 575 outlets in Guangdong in the People’s Republic of China. The southeastern province includes Guanghou, formerly called Canton.
″With its massive population, its rapid rate of economic growth and its love for soup, China presents a once-in-a-lifetime opportunity,″ said Robert Subin, president of Campbell Europe-Asia. Subin said Campbell wants to change China’s preference for homemade soup.
Campbell, which began stocking stores a month ago, planned television advertising and in-store promotions beginning next week.
Subin said Campbell has been selling soups in nearby Hong Kong, southeast of Guangdong, since 1986 and has captured 80 percent of the canned soup market there. The company has 60 percent of the canned soup market in Singapore and 35 percent in Taiwan.
Campbell, which wants to acquire Australia’s largest cracker maker as part of its strategy to dominate markets in Asia, on Oct. 23 filed documents with the Australian stock exchange required to buy Arnotts Ltd., spokesman Kevin G. Lowery said Thursday.
Campbell, with annual sales of $6.3 billion, is the largest Arnotts shareholder with 32.9 percent of the 125-year-old cookie and cracker maker. Campbell wants to acquire a minimum of 50.1 percent. In announcing the planned takeover Oct. 12, Campbell said it planned to offer about $589 million for the two-thirds of Arnotts stock it doesn’t own.