As Campbell Soup Co. continues to expand beyond its traditional business into snacks, sauces and beverages, the Camden-based food giant plans to rebrand as The Campbell’s Co.

Unveiling the proposed new corporate name during a Sept. 10 Investor’s Day event in New York City, CEO Mark Clouse described the move as a “subtle yet important change.” The update “retains the company’s iconic name recognition, reputation and equity built over 155 years” and reflects “the full breadth of the company’s portfolio,” Clouse said.

Campbell’s intends to seek shareholder approval on changing its name at this year’s annual meeting in November.

The company was the first to sell canned soup more than a century ago. And the product remains an important part of the business, with more than $1 billion in sales annually.

The company’s core soup lineup now accounts for only 25% of total sales, down from more than 40% in fiscal 2017, Food Dive noted. At the same time, Campbell’s snacks division makes up around half, which is an increase from just under 30%.

Clouse told investors, “We will always love soup and we’ll never take our eye off this critical business. But today, we’re so much more than soup.”

Shaking things up

In recent years, the company has made several changes to its portfolio. That includes its $6.1 billion purchase of snacks manufacturer Snyder’s-Lance and this year’s $2.7 billion acquisition of Rao’s sauces maker Sovos Brands.

Campbell’s sold off its Emerald Nuts snack brand last year to private label health snacks maker Flagstone Foods. It also divested its Pop Secret popcorn business to Boonton-based wholesome snack manufacturer Our Home.

“For the last five years, we have been on a transformative journey to redefine our company. Our focused strategy has positioned us well and helped to solidify a foundation that has delivered consistent and dependable results,” Clouse said. “We are ready to turn the page and enter a new chapter where we build on Campbell’s transformed portfolio, strong team, and aligned and engaged culture with the goal to set the standard for performance in the food industry.”

We will always love soup and we’ll never take our eye off this critical business. But today, we’re so much more than soup.
– Mark Clouse, Campbell Soup Co. CEO

“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,” he added.

Going for gold

According to Clouse, the company intends to drive growth through 16 “leadership brands” across its snacks and meals & beverages divisions. Those products include V8 beverages, Prego sauces and Late July chips.

Campbell’s expects Goldfish crackers to become its largest brand by fiscal year 2027 with $1.3 billion in sales.

Chris Foley, president of Campbell’s snacks business, believes his division is poised for continued long-term growth and margin expansion thanks to an elevated portfolio of leadership brands and a strong innovation pipeline.

He said, “We have built the best snacks portfolio in faster growing and advantaged categories. We expect to continue to grow these advantaged core businesses by pursuing best-in-class innovation and unlocking the full potential from our advantaged distribution network. Our strategy is designed to deliver margin expansion while making the necessary investments to fuel growth for the future in a sustainable manner. We could not be better positioned for leading the on-going growth and momentum in snacking.”

In Campbell’s meals & beverages division, President Mick Beekhuizen said the portfolio is better positioned than ever to meet consumers’ needs with continued focus on quality, convenience and value.

“Our Meals & Beverages transformation story is far from complete, as we challenge ourselves to unlock the potential of our portfolio of iconic and distinctive brands,” he said. “We intend to set the standard for performance in the center store through our compelling consumer engagement and exciting flavor-forward innovation, with Rao’s strengthening and solidifying our potential and elevating our overall portfolio.”

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