A plan to rename Campbell’s Soup Company to simply “The Campbell’s Company” is part of the shift to also focus on other food the company sells.
Bosses at Campbell Soup Company, whose label is featured in one of Andy Warhol’s best-known 1960s pop artworks, have announced plans to drop “soup” from its name after more than 100 years.
Its chief executive, Mark Clouse, said the decision to rename the group the Campbell’s Company was part of a shift in focus to the other snack foods and jarred sauces it sells.
The 155-year-old company started producing canned condensed soup in 1897 – believed to be the first in the U.S. to do so – and has held the Campbell Soup Company name since 1922.
Clouse confirmed that investors would vote on the name change at its annual general meeting in November, saying the new name would better reflect Campbell’s growing product line.
In addition to its line of soups, the New Jersey-based company owns other popular U.S. food brands such as Goldfish crackers, Cape Cod crisps, V8 beverages and Prego sauces.
“We will always love soup, and we’ll never take our eye off of this critical business,” Clouse said during the company’s investor day on Tuesday. “But today, we’re so much more than soup.”
Last year, Campbell’s snacks sales grew by 13%, while its soup business grew by only 3%.
Clouse said that to meet its financial guidance the company would require soup sales to remain stable. However, the company believes they could start rising more sharply again as the U.S. population ages, given soup is more popular with older people.
For now, the company’s star product is Goldfish cracker snacks, which are expected to become Campbell’s largest brand by 2027.
In recent years, Campbell has looked to acquire other food brands in an attempt to increase its offering. This includes the $2.7bn (£2.1bn) acquisition last year of Sovos Brands, which is best known for its Rao’s pasta sauce.
Clouse said the snacking sector was under increased pressure because of lower- and middle-income households facing financial strain.
EDITOR’S TAKE:
What? Is nothing sacred anymore? It seems as though a lot of iconic American products are being renamed. Will consumers even notice? Will it really make that much difference to the company? Probably not, but perhaps change is inevitable. Sometimes if feels like we just have to paint the barn once in awhile to draw attention to the change. We wish them well, but candidly, I for one will miss the Campbell’s Soup Company name. Speaking of new names, be sure to check out the latest additions to the growing list of AgPack® partners, now boasting a very healthy up to $40,000 in exclusive rebates and discounts to your CAD farm/ranch purchasers. And be sure to watch for future additions to the program that will increase those savings even further.
