Campbell Soup Company (NYSE: CPB) today announced plans to consolidate its Snacks offices in Charlotte, N.C. and Norwalk, Conn. into its headquarters in Camden. Over the next three years, the company plans to invest approximately $50 million to enhance its Camden facilities to drive greater creativity, collaboration and career development, as well as to accommodate more than 1,600 employees that will now be located on its renovated campus.

The company expects to realize cost savings from consolidating the buildings beginning in fiscal year 2024 and reach $10 million in annual cost savings by fiscal year 2026. The savings will be partially reinvested in the business and are included in the company’s plan to increase margins in the Snacks division. No commercial roles are being eliminated related to the closing of the Charlotte and Norwalk office buildings. The company will provide eligible employees with comprehensive relocation support.

“We are thrilled to invest in our people, our facilities and our Camden community, which Campbell has called home for more than 150 years,” said Campbell’s President and CEO Mark Clouse. “We remain committed to our two-division operating model and are confident that being together in one headquarters is the best way for us to continue building a culture that unlocks our full growth potential. This investment will ensure Campbell remains a great place to work and a compelling destination for top talent.”

Read the full press release from Campbell here.