After 155 years, the Campbell Soup company is changing its name

Nathaniel Meyersohn, CNN

New York (CNN) — No much crockery for nan Campbell’s company.

The 155-year-old Campbell Soup Company plans to driblet “soup” from its firm name, rebranding arsenic The Campbell’s Company. More consumers are reaching for snacks and ditching ready-to-serve soups, and nan institution has bought up different nutrient lines to drawback them.

In summation to its lineup of soups, Campbell now owns snack brands for illustration Goldfish, Snyder’s of Hanover, Cape Cod, Pepperidge Farm and others. Campbell besides precocious bought Sovos Brands, shaper of celebrated Italian nutrient brands for illustration Rao’s sauces.

“This subtle yet important alteration retains nan company’s iconic sanction recognition, estimation and equity built complete 155 years while amended reflecting nan afloat breadth of nan company’s portfolio,” Campbell CEO Mark Clouse said Tuesday successful a statement. The sanction alteration is taxable to shareholder support astatine nan company’s yearly gathering successful November.

Although crockery is an important portion of Campbell’s business, it’s now a smaller information of its sales.

Last year, Campbell’s snack income grew 13%, while its soups grew 3%.

Legacy nutrient companies for illustration Campbell are pivoting to summation a larger stock of nan snack market, weighted astatine much than $200 cardinal by marketplace investigation patient Circana.

Nearly half of Americans opportunity they eat astatine slightest 3 snacks a day, according to Circana.

In August, Mars, nan shaper of M&M’s, agreed to bargain Kellanova, which owns Cheez-Its and Pringles, successful a woody worthy almost $29 billion.

“Snacking is simply a large, attractive, and durable class that continues to turn successful value pinch consumers,” Kellanova said astatine nan time.