Campbell Soup to consolidate Snacks offices, with 330 jobs moving from Charlotte and Norwalk to Camden

Campbell Soup Co. said Wednesday that it will consolidate its Snacks offices in Charlotte, N.C. and Norwalk, Conn., and moving those operations to the Camden, N.J. headquarters. The stock
CPB,
-2.63%
slumped 1.7% toward a six-week low in morning trading. The food and beverage company, with brands including Campbell’s, Goldfish, Swanson and V8, said 330 jobs from the consolidated offices will move to Camden, with those willing to relocate moving in phases starting mid-2023. The company said it will spend about $50 million to renovate its Camden facilities. The said it expects savings from the consolidation to reach $10 million a year by fiscal 2026. No commercial roles will be eliminated as a result of the consolidation, the company said. Campbell’s stock has gained 6.7% over the past three months, while the SPDR Consumer Staples Select Sector exchange-traded fund
XLP,
-1.79%
has advanced 6.8% and the S&P 500
SPX,
-0.54%
has tacked on 7.6%.