Campbell’s and Partners Receive $3.4 Million USDA Grant to Support Sustainable Tomato-Growing Practices in California

Rhea-AI Summary

Campbell Soup Company (NASDAQ:CPB) has been awarded a $3.4 million USDA grant through the Regional Conservation Partnership Program to support sustainable tomato growing in California. The company will collaborate with the Natural Resources Conservation Service, American Farmland Trust, and Resource Conservation Districts to promote sustainable agriculture practices among tomato growers. The initiative aims to reduce greenhouse gas emissions, improve soil health, enhance water stewardship, and boost farm profitability. The project will provide financial resources and technical assistance to growers to facilitate the adoption of new soil health, nutrient management, and irrigation management practices.

Positive

• Secured $3.4 million in USDA funding for sustainable agriculture initiatives
• Strategic partnerships with key agricultural organizations to improve farming practices
• Potential for reduced operational costs through improved resource management

Negative

• None.

Insights

Sustainability Expert

The $3.4 million USDA grant for sustainable tomato farming represents a modest but strategic investment in Campbell's supply chain resilience. The initiative addresses critical agricultural challenges including water conservation and soil health in California, a region experiencing severe climate pressures. While the immediate financial impact on Campbell's bottom line is minimal relative to its market cap, the long-term benefits include reduced supply chain risks, potential cost savings from improved resource efficiency and strengthened relationships with key suppliers.

The program's focus on climate-smart agriculture aligns with growing consumer and investor emphasis on ESG metrics. By supporting farmers' transition to sustainable practices, Campbell's is protecting its tomato supply chain - a important ingredient for its core products. The partnership structure with NRCS and American Farmland Trust adds credibility and expertise to the implementation.

10/28/2024 - 02:00 PM

CAMDEN, N.J.--(BUSINESS WIRE)-- Campbell Soup Company (NASDAQ:CPB) (Campbell’s) today announced that it was awarded $3.4 million in funding through the U.S. Department of Agriculture (USDA)’s Regional Conservation Partnership Program (RCPP) to support California processing tomatoes.

Under the project, Campbell’s will partner with the Natural Resources Conservation Service (NRCS), American Farmland Trust and several Resource Conservation Districts to increase the adoption of sustainable agriculture systems and practices by tomato growers in California. The project’s goal is to reduce agricultural greenhouse gas emissions, while building soil health, supporting water stewardship, and strengthening the profitability and resilience of tomato farms.

“Campbell’s and California tomato growers have a long history of partnering on sustainability,” said Stewart Lindsay, Campbell’s Chief Sustainability Officer. “As farmers face increasing challenges from climate change, it is important that we support further adoption of climate-smart agriculture practices that improve soil health and enhance resilience. We are grateful for the USDA’s support and look forward to working with our partners and growers on this important project.”

The project partners have deep experience collaborating with California tomato growers to advance conservation agriculture. They will work with NRCS to provide new funding and technical assistance to growers, reducing the costs and other barriers to adopting new soil health, nutrient management and irrigation management practices.

“This funding allows us to provide financial resources and technical support for farmers to adopt these practices quickly and conserve our precious natural resources, increase their climate resilience, and support their farms’ business viability,” said Tom Stein, California Regional Director at American Farmland Trust. “We salute the involvement of food companies that understand the importance of keeping these food ingredients sustainable and available for the future.”

Campbell’s has long encouraged the use of sustainable agriculture practices, particularly among tomato growers with whom the company has maintained close and lasting relationships over many decades. Over the years, the company has supported growers to employ practices that have helped to reduce fertilizer, water use and emissions. More recently, Campbell’s launched efforts to encourage the adoption of regenerative agriculture practices, including establishing a grant fund to help address constraints to piloting and scaling up soil health practices.

The full list of this year’s RCPP awards, including Campbell’s tomato project, can be found on the NRCS website.

About Campbell’s
For more than 150 years, Campbell’s (NASDAQ:CPB) has been connecting people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, the company generated fiscal 2024 net sales of $9.6 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Michael Angelo’s, noosa, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snyder’s of Hanover, Swanson and V8. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241028969733/en/

Campbell’s Contacts

Investors:

Rebecca Gardy

(856) 342-6081

Rebecca_Gardy@campbells.com

Media:

James Regan

(856) 219-6409

James_Regan@campbells.com

Source: Campbell Soup Company

FAQ

How much USDA funding did Campbell (CPB) receive for sustainable tomato growing?

Campbell Soup Company received $3.4 million in funding through the USDA's Regional Conservation Partnership Program (RCPP).

What is the purpose of Campbell's (CPB) USDA grant for tomato growing?

The grant aims to support sustainable agriculture practices, reduce greenhouse gas emissions, improve soil health, enhance water stewardship, and strengthen profitability of tomato farms in California.

Who are Campbell's (CPB) partners in the USDA-funded tomato sustainability project?

Campbell's is partnering with the Natural Resources Conservation Service (NRCS), American Farmland Trust, and several Resource Conservation Districts.