Campbell Soup Co. says it will buy carrot and juice maker Bolthouse Farms for $1.55 billion in cash as it seeks to expand its fresh food and beverage categories.
Campbell says the Bolthouse’s high-end juice line will complement its “V8” beverage business. And the carrots business allows Campbell to expand its healthy snacking category.
Known for its trademark red-and-white cans, Campbell has been trying to reinvigorate its business in the face of lukewarm soup sales. It also has plans to roll out soup pouches in flavors like Moroccan chicken.
Campbell plans to operate Bakersfield, Calif.-based Bolthouse as a separate business unit. It expects the deal will help adjusted 2013 earnings by 5 cents to 7 cents per share.