Campbell Soup Co. said Wednesday it is planning to overhaul its structure and embark on a cost-cutting program that aims to generate $200 million in annual savings over a three-year period. The company will outline further details in a presentation at the Consumer Analyst Group of New York Conference in Boca Raton, Florida. "Our new enterprise design will align our structure directly with our core growth strategies and enable us to invest more of our resources in the areas of our business that can deliver the greatest growth," Chief Executive Denise Morrison said in a statement. Campbell will organize its businesses into three new divisions, structured by product categories, rather than geographies or brands. The company will eliminate some management layers and streamline its operations, starting in 2016. Shares were not active in premarket trade, but have gained 5.3% in the last three months, while the S&P 500 has gained 2.4%.
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