Campbell Soup to make historic name change
Cans of Campbell's Soup are displayed on a shelf at Scotty's Market on December 08, 2021 in San Rafael, California. Campbell Soup Company reported better-than-expected first quarter earnings with revenues of $2.24 billion compared $2.34 billion one y
The Campbell Soup Company is looking to make a historic change to its iconic brand name.
The company intends to take on the name The Campbell’s Company "as part of its evolution and transformed portfolio," it said Tuesday.
"The 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," CEO Mark Clouse said in a statement.
Campbell announced the name change, which requires shareholder approval, as it held its investor day and provided updates on its growth strategy.
The company said it aimed to "drive growth through 16 leadership brands" across its snacks and meals and beverages segments as part of its strategy. Goldfish, Snyder’s of Hanover, Pepperidge Farm, Campbell’s, Rao’s, Prego and V8 are among some of the "leadership brands."
They collectively accounted for about 95% of Campbell’s segment operating earnings in fiscal 2024.
The company said its meals and beverages division "has a new growth trajectory for dependable and profitable growth," especially with its acquisition of Sovos Brands.
It completed its $2.7 billion purchase of Sovos, which owned Rao’s and other brands, earlier this year.
Campbell said soup "remains an important part of the Meals & Beverages division but is now a smaller portion of the transformed portfolio."
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Long-term, the company is targeting a 2%-3% increase in its organic net sales. That includes the snack division growing 3%-4% and the meals and beverages segment growing 1%-2%, according to Campbell.
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