Campbell Soup Company today announced that it would explore strategic alternatives, including possible divestiture, for its Godiva Chocolatier business. The decision follows a review of Campbell''s portfolio as part of the company''s ongoing strategic planning. Campbell has retained Centerview Partners LLC as its financial advisor.

Godiva Chocolatier is one of the world''s leading premium chocolate businesses and has annual sales of approximately $500 million of the company''s $7.3 billion revenues. It competes globally with Swiss confectioners Nestle SA and Lindt & Spruengli AG, which makes Ghirardelli chocolates. In the US, Hershey Co. has added premium chocolates to its less-expensive lines such as Kisses candies.

Godiva products are sold through company-owned and franchised retail stores, wholesale distribution points, including specialty retailers and finer department stores, and on the internet.

Douglas R. Conant, Campbell''s president and chief executive officer, said, "Godiva is one of the world''s most recognised luxury brands and the business has been a strong performer for Campbell. Although the premium chocolate category is experiencing strong growth and Godiva is well-positioned for the future, the premium chocolate business does not fit with Campbell''s strategic focus on simple meals, including soup-baked snacks, and vegetable-based beverages.

"It is the right time to explore strategic alternatives for Godiva as we continue to optimise Campbell''s long-term growth potential by leveraging the competitive advantages of our simple meals, baked snacks, and vegetable-based beverages businesses."

Campbell Soup Company is a global manufacturer and marketer of high quality foods and simple meals, including soup, baked snacks, vegetable-based beverages, and premium chocolate products, with annual revenues in excess of $7.3 billion. Founded in 1869, the company has a portfolio of market-leading brands, including "Campbell''s," "Pepperidge Farm," "Arnott''s," "V8," and "Godiva."

In the US, Campbell controls 70 per cent of the $5 billion-a-year soup market.