Campbell Soup Company has entered into an agreement to form a Shanghai-based joint venture with Swire Pacific Ltd.
Called Campbell Swire, the new company will begin operations in early 2011. Campbell will have a 60% ownership stake in the joint venture, giving it a controlling interest. Profit and losses will reportedly be shared in proportions consistent with each party's ownership.
The joint venture will be based in Campbell's current offices in Shanghai and will be responsible for manufacturing, packaging, branding, marketing, selling and distributing soup, broth and stock products in China. Campbell will reportedly retain ownership of Campbell brands and recipes and license those to the joint venture.