Early in his tenure, McGovern developed a five-year plan that featured four financial performance objectives: a 15 percent annual increase in earning, a 5 percent increase in volume, a 5 percent increase in sales (plus inflation), and 18 percent return on equity b sales (plus inflation), and 18 percent return on equity by 1986. The two cornerstones of McGovern’s growth strategy were (1) developing and introducing new products and (2) making acquisitions every two years that would bring in $200 million in annual sales. Campbell’s acquisition strategy was to look for small, fast-growing food companies strong in product areas where Campbell had no presence and companies on the fast track that where in rapidly growing product categories or industries. Under McGovern, Campbell made a number of acquisitions:
1982 Acquisitions