Third Point Management Activist Presentation Deck
CORPORATE STRATEGY
FRESH FOOD
Move into fresh food with $1.55 billion deal for Bolthouse Farms has been a disaster
-
Bolthouse Farms deal
marred by countless executional issues
Campbell has struggled with sourcing and product
quality issues, product recalls, share losses,
reduced shelf space, and a host of other problems
Campbell was also slow to innovate its fresh food
products (e.g. juices, shakes) to meet modern
consumer demands for reduced sugar and greater
functional benefits
66 While Campbell's intentions may have been
admirable in trying to move into fresh food,
its execution was abysmal. 99
- Piper Jaffray
THIRD POINT
Fresh food segment now loss-making,
despite contribution from Garden Fresh Gourmet
LTM Adj. EBIT, $ Millions
92
2012 Acquisition
(43)
FY18
Note: Quotation from Piper Jaffray report "Strategic Update Preview" (8.13.18); FY18 segment EBIT before corporate expense; $92 million Adj. EBIT from transaction press release (July 2012)
Source: Third Point LLC; Company Materials; Piper Jaffray
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