Campbell Soup (CPB) - Get Report will cut less than 2% of its workforce as part of a new plan to improve sales and earnings growth.

The soupmaker said after the bell Thursday that its "Driving Quality Growth" plan would generate future savings but would result in near-term charges.

The company plans to cut about 300 jobs, including about 165 positions at its Camden, N.J., headquarters. The reduction will require a fourth-quarter charge of up to $25 million, or 4 cents a share.

In addition, Campbell will implement a new sales and distribution system for its Australian business that will cost about $60 million over the next four years; about $10 million of the expense will be charged against fourth-quarter earnings. However, the company expects the move to save about $10 million to $15 million a year beginning in 2008.

A new SAP-based information system in North America planned for the next three years will cost about $125 million.

The overall strategy incorporates the company's new targets of sales growth of 3% to 4% a year and earnings growth of 5% to 7% a year.

In addition, Campbell will introduce 29 new products in fiscal 2005, several of which support the company's renewed emphasis on healthier offerings.