Campbell Soup Co. has begun a series of cost-cutting measures, including a hiring freeze at its Camden, N.J., headquarters, to boost profits and its share of the soup and frozen foods markets. Other changes include an expanded early retirement program for executives, a $10-million reduction in the administrative budget and a companywide review of staff functions. Campbell reported $4.4 billion in sales last year, a 5% increase over 1986. But the Campbell USA unit, the company's flagship concern, reported a $3-million drop in sales and a $14-million decrease in operating earnings for the 1987 fiscal year.
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