Campbell Soup (CPB - Get Report) is going to Russia. The foodmaker announced today that it has entered into a long-term agreement with Coca-Cola Hellenic Bottling (CCH - Get Report) to distribute soup products in the country.
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"These markets will play an increasingly important role in Campbell's future as we gain momentum in our key areas of focus," said CEO Douglas R. Conant.
Campbell already sells mushroom, beef and mushroom, chicken and beef broths in the country, but it will be the first time its soup products are introduced in the area.While the financial terms of the agreement were not disclosed, Coca-Cola Hellenic, which currently distributes Campbell's Home Classics products in Moscow, will expand distribution to over 100 cities and 12 regions of Russia in August 2009. Last week the soupmaker posted a 67% plunge in third-quarter earnings hurt by the sale of the Godiva brand.