"There's a shrinking middle class in the U.S., but growing middle classes elsewhere in the world."
It was just an aside, a justification for Campbell Soup's increasing business interests in developing nations. And it's hard to argue with. But as an American publication, it hurts to hear it spoken.
Denise Morrison, CEO of Campbell Soup Co., made the statement at the Consumer Analysts Group of New York meeting Feb. 19 in Boca Raton, Fla. Campbell acquired Kelsen Group A/S of Denmark last August and owns plants in several countries around the globe.
A shrinking middle class in the U.S.? Who's the "developing nation" now?
Read yesterday's CAGNY story: A Study in Contrasts: General Mills and ConAgra