Campbell wants to dump ‘soup’ from its name as sauce and snack business grows
"We will always love soup," said president and CEO Mark Clouse, "but today, we’re so much more than soup.”
What’s in a name? For a well-known prepared food company based in Camden, the answer has long been “soup.”
But that may soon change.
Campbell Soup Co. wants to officially change its name to The Campbell’s Co., president and CEO Mark Clouse announced Tuesday at the company’s investor day in New York City. The name change must be approved at a shareholder meeting scheduled for November.
“What better way to mark this next chapter than with a subtle but meaningful change in the name of our company, one that respects our heritage but also reflects who we are today,” said Clouse on Tuesday. “We will always love soup, and we’ll never take our eye off of this critical business, but today, we’re so much more than soup.”
The new name comes at a time of growth for Campbell. The company acquired Sovos Brands Inc., a business known for its Rao’s pasta sauces, for $2.7 billion earlier this year.
Campbell is also in the midst of a $50 million expansion and upgrade at its headquarters in Camden, and plans to add jobs at that location.
On Tuesday, Clouse noted that Rao’s is on track to become the company’s fourth brand to generate more than $1 billion in sales annually. The other three are Goldfish, Campbell’s soup, and Pepperidge Farm.
“Rao’s is a remarkable success story in today’s food industry, and we’re excited to welcome the brand to our portfolio. We have strong confidence in its long-term growth trajectory,” said Clouse.
Long known for its line of soups, Campbell, a company that is over 150 years old, today sells snacks, prepared meals, and beverages as well.
At the company’s investor event, some 75 attendees gathered to hear about leadership’s vision, as large screens flashed images of Campbell’s brands including Pepperidge Farm, Cape Cod, and Snyder’s of Hanover.
Attendees got a sneak peek (and taste) of some of Campbell’s latest flavors and yet-to-be-released innovations at the company’s “culinary innovation showcase.”
In an apparent nod to its Philly-area ties, the company also plugged its relationship with former Eagle Jason Kelce, who was recently featured in an ad campaign for Campbell’s Chunky Soup. Mick Beekhuizen, president of meals and beverages, referred to Kelce as “our Philly hometown hero.”
Alongside the new name, Campbell’s leaders also unveiled a new company mission statement: “Set the Standard.”
“Today marks a new chapter for Campbell’s. We’re ready to compete like never before,” said Clouse.