Third Point Management Activist Presentation Deck
CORPORATE STRATEGY
SMALL DEALS
Other deals like Garden Fresh Gourmet (salsa) and Plum Organics (baby food) have not worked
Garden Fresh Gourmet
66 During 2017, sales and operating profit performance
for Garden Fresh Gourmet... were well below
expectations, and we lowered our outlook for the
second half of 2017 due to customer losses and
failure to meet product distribution goals.
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Based upon the business performance in 2017, our
reduced near-term outlook, and reduced expectations
for sales, operating margins and discounted cash
flows, we performed an interim impairment
assessment in the second quarter, which resulted in a
$64 million impairment charge.
Campbell Soup
Note: Comments from FY18 10-K
Source: Third Point LLC; Company Materials
THIRD POINT
Plum Organics
66 In 2018, sales and operating performance were well
below expectations due in part to competitive
pressure and reduced margins.
In the fourth quarter of 2018, as part of a strategic
review initiated by a new leadership team and based
on recent performance, we lowered our long-term
outlook for future sales.
In the fourth quarter of 2018, as part of our annual
review of intangible assets, we recognized an
impairment charge of $54 million.
Campbell Soup
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