8-K Filing Shows Campbell Soup Discloses 'voluntary employee separation program' Designed Top Reduce Costs And Streamline Capital Structure

On March 30, 2015, Campbell Soup Company (the "Company") filed a Current Report on Form 8-K disclosing the commencement of a voluntary employee separation program (the "Program") as part of the Company's publicly-announced initiatives to reduce costs and to streamline its organizational structure. The Program was available to certain U.S.-based salaried employees nearing retirement who met the Program's age, length-of-service and business unit/function criteria. At the time of the filing of the Form 8-K, the Company was unable to estimate the costs of the Program. This Form 8-K/A amends the March 30, 2015, Form 8-K to include an estimate of the costs the Company expects to incur in connection with the Program. Except as described below, all other information in the March 30, 2015, Form 8-K remains unchanged. Item 2.05 – Costs Associated with Exit or Disposal Activities. The Company now estimates that it will incur pre-tax costs of approximately $110 million related to the Program, consisting primarily of employee severance and benefits-related costs. The Company expects to incur the majority of these costs in the fourth quarter of fiscal 2015. Of the pre-tax costs, approximately $102 million are expected to be future cash expenditures, and approximately $8 million are expected to be non-cash curtailment charges associated with certain postretirement benefit obligations. A total of 471 employees elected the Program. Most of the electing employees will remain with the Company through July 31, 2015, with some remaining with the Company beyond July 31. The Company is currently evaluating additional actions to reduce costs and to streamline its organizational structure that may result in further costs. The Company will report on these actions separately.