The Campbell Soup Company closed its $700 million acquisition of Oregon-based organic food and beverage producer Pacific Foods on Dec. 12, expanding the iconic American company’s offerings of organic products.
“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,” said Denise Morrison, president and chief executive officer of Campbell, in a company press release.
The newly-purchased firm will become a part of Campbell’s Americas Simple Meals and Beverages division headed by Mark Alexander, president of Campbell’s Americas division. Campbell Vice President of Strategy, Business Development, and Global Brands, Global Biscuits and Snacks Joe Folds was named as the vice president and general manager of Pacific Foods.
“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,” said Alexander in a statement.
Campbell Soup said it plans to invest in the business to further distribution, expand its marketing efforts, and bolster its R&D and supply chain activities. The food company anticipates Pacific Foods will bring in about $100 million in net sales in fiscal year 2018.