After more than 150 years, the Campbell Soup Company is dropping "soup" from its name.
The iconic brand has branched out into much broader territory since it was founded as the Anderson & Campbell firm in 1869, taking on other food and snack brands like Pepperidge Farm, Swanson, Pace Foods, Prego and Snyder's-Lance, subsidiaries that produce everything from salsa and pasta sauce to goldfish crackers, pretzels and TV dinners.
Now just the "Campbell Company," the brand will continue to place an emphasis on the lucrative snacking category, according to a press statement, with snack sales growing 13% last year versus only 3% in soup.
“This subtle yet important change retains the company’s iconic name recognition, reputation and equity built over 155 years while better reflecting the full breadth of the company’s portfolio,” Chief Executive Officer Mark Clouse said in a statement.
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Campbell also recently acquired Sovos Brands, makers of grocery store Italian food items like Rao’s sauces, Michael Angelo’s frozen entrees, Noosa's Yoghurt, and Birch Benders products, which are pancake, cake and waffle mixes and syrups. The $2.7 billion deal will bolster Campbell's food and beverage line in which soup remains important but is a smaller portion of the portfolio.
“With the top team, the best portfolio of brands, a track record of strong execution and performance, and a commitment to building on our legacy of trust and impact, we have never been more prepared to deliver top-tier performance and to be the most dependable and most capable company in food,” said Clouse.
