Campbell buys Pacific Foods
Campbell Soup Company has completed the acquisition of Pacific Foods of Oregon for $700 million in cash.
Pacific Foods produces organic broth and soup and also produces shelf-stable, plant-based beverages and other meals and sides. Organic food is an $11 billion category in the U.S., which grew at a compound annual growth rate of 15.7 percent over the past four years. Pacific Foods offerings will join Campbell’s portfolio of organic foods.
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 brands such as Campbell’s, V8, Swanson, Prego, Pace and Plum Organics.
Joe Folds has been named as vice president and general manager for Pacific Foods. Folds has extensive, global experience leading businesses and brands for Campbell since joining the company in 1997. He was most recently vice president, strategy, business development and global brands, global biscuits and snacks.
Campbell said expects to expand distribution; boost marketing support for brand building; and invest in research and development 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.