Campbell Soup, the iconic company known for its hearty soups, is adding more organic foods to its menu, announcing Thursday that it will buy Pacific Foods of Oregon for $700 million. The all-cash agreement will merge the nearly 150-year-old Campbell Soup Co. with a three-decade-old natural foods purveyor that specializes in organic broths as well as plant-based drinks and meals.
The move comes at a time when consumers are increasingly health conscious, demanding foods that are lower in sugar and sodium. Campbell has been aggressive in expanding its natural or more nutritious offerings, buying four companies since 2012 that include carrot juice and smoothie giant Bolthouse Farms, organic baby food maker Plum and Garden Fresh Gourmet which produces hummus and salsa.
“The acquisition allows us to expand into faster-growing spaces such as organic and functional food,’’ Denise Morrison, Campbell’s president and CEO said in a statement. “It advances our strategic imperatives around real food, transparency, sustainability and health and well-being.’’
The deal still needs to get approval from regulators before becoming final.
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