US food and drink company Campbell Soup has entered into agreement to acquire Pacific Foods for $700 million in cash.
Founded in Oregon in 1987, Pacific Food has approximately 540 employees and operates a certified organic plant. Following the acquisition, Pacific Food will become part of Campbell Soup’s Americas Simple Meals and Beverages division.
Denise Morrison, Campbell’s president and chief executive officer, commented: “This acquisition is consistent with our purpose, ‘Real food that matters for life’s moments.’ Pacific is an authentic brand with a loyal consumer following. The acquisition allows us to expand into faster-growing spaces such as organic and functional food. Moreover, Pacific Foods is an excellent fit with Campbell — strategically, culturally and philosophically”.
This acquisition is described as being part of Campbell Soup’s strategy to reshape its portfolio amid increased consumer interest in health and well-being.