Last updated on June 13th, 2024 at 04:43 pm
Campbell Soup said Dec. 12 that it has completed the purchase of Pacific Foods of Oregon for $700 million in cash.
Pacific Foods produces organic broth and soup as well as shelf-stable, plant-based beverages, meals and sides.
Commenting on the purchase, Denise Morrison, Campbell’s president and CEO, said,“Pacific Foods is an excellent strategic fit with Campbell’s health and well-being portfolio with its strong position in the faster-growing natural and organic category. We are thrilled to add such a powerful and respected organic brand to our company and intend to leverage our expertise and resources to build on Pacific’s track record of sales growth.”
Pacific Foods will be part of Campbell’s Americas Simple Meals and Beverages division, which includes Campbell’s soup, simple meals and shelf-stable beverage units in the U.S. and Canada. Led by President Mark Alexander, the Americas division includes many leading brands such as Campbell’s, V8, Swanson, Prego, Pace and Plum Organics.
Alexander said, “Pacific is an authentic brand with a real food philosophy that closely mirrors our own. We deeply respect what Pacific has built, and our aim is to help Pacific to accelerate growth while continuing its purpose-driven mission: to make nourishing foods with simple, organic ingredients.”
Campbell named Joe Folds as VP and GM for Pacific Foods. Folds has extensive, global experience leading businesses and brands for Campbell since joining the company in 1997. He most recently served as VP for strategy, business development and global brands and global biscuits and snacks.
Campbell, which is based in Camden, New Jersey, says it plans to invest in the Pacific Foods business to drive growth. It expects to expand distribution, boost marketing support for brand building and invest in R&D and the supply chain to deliver operations and customer service excellence. Campbell will immediately begin to integrate Pacific Food’s key functions.
Founded in 1987 in Tualatin, Oregon, Pacific Foods has more than 500 employees and operates a certified organic plant where it produces its namesake products. Campbell will continue to operate Pacific Foods out of Tualatin.
