Campbell to Acquire Bolthouse Farms for $1.55 Billion

CAMDEN, N.J.Campbell Soup Company has entered into a $1.55 billion cash agreement to acquire Bolthouse Farms, which sells products under the Bolthouse Farms, Earthbound Farms, Green Giant and private label brands. The acquisition, expected to close in late summer 2012, will provide Campbell with significant presence and a new platform for expansion in the rapidly growing, $12-billion market for packaged fresh foods.

Headquartered in Bakersfield, Calif., Bolthouse Farms is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added natural, healthy products. The company has leading market positions in fresh carrots and super-premium beverages in the United States, along with a growing presence in refrigerated salad dressings. The addition of Bolthouses refrigerated beverages will complement Campbells successful V8" beverage business and will create one of the industrys largest healthy beverage platforms, with annual sales of approximately $1.2 billion.

Campbell plans to operate Bolthouse Farms as a separate business unit. Members of Bolthouses senior management team, including President and CEO Jeff Dunn, will remain with the company.

Bolthouse is a great strategic fit with Campbell. Its business platforms, capabilities and culture are well aligned with the core growth strategies we announced last year. Its strong position in the high-growth packaged fresh category complements our chilled soup business in North America, and offers exciting opportunities for expansion into adjacent packaged fresh segments that respond directly to powerful consumer trends," said Campbells President and Chief Executive Officer Denise Morrison.