Kraft Heinz – and at least one other possible suitor – is reportedly thinking about buying Campbell Soup. The company has recently seen a drop in soup sales, and its foray into organic and fresh food hasn’t gone as well as planned.
There have been other bumps in the road too. Campbell Soup CEO Denise Morrison retired abruptly in May, as the company announced 2018 results would probably be below expectations. Campbell also recently spent $6 B to acquire snack food company Snyder’s-Lance.
Packaged food companies are under tough price pressure from Amazon’s grocery push, as well as from Walmart and Costco.
Kraft Heinz dropped plans to acquire Unilever in 2017 and some sources say it has been looking for another deal since then. So far Kraft Heinz has not commented on the Campbell Soup opportunity.