While it may be soup that built the Campbell Soup Co., its stable of snack, food and beverage brands is expected to drive the bulk of the company’s future growth, and the company is changing its name to reflect it. Subject to shareholder approval at its annual November meeting, the new moniker — The Campbell Company — better reflects the company’s portfolio, said CEO Mark Clouse at an investor day on Wall Street.
Chris Foley, president of its Snacks division, expressed optimism for the company’s continued long-term growth and margin expansion at the event. “We have built the best snacks portfolio in faster growing and advantaged categories,” said Foley in a release. “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 ongoing growth and momentum in snacking.”
The company’s forecasts include the expectation its Snacks business will grow 3 to 4%.
