Pacific Foods Purchased by Campbell’s
Campbell Soup Co. has expanded its organic offerings with the purchase of Pacific Foods of Oregon for $700 million. Pacific Foods makes organic soup and broth and generated $218 million in revenue in the last year.
Campbell Soup, a nearly 150-year-old company based in Camden, N.J., has struggled the last several years to keep up with changing consumer tastes, but previously purchased Bolthouse Farms in 2012.
The purchase of the organic soup maker enters the company in the fast-growing organic market with a company that has a “sustained track record of growth,” the company said in a statement.
“The acquisition allows us to expand into faster-growing spaces such as organic and functional food,” said CEO Denise Morrison in the statement.