Campbells to purchase Bolthouse Farms

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CAMDEN, N.J., July 9 (UPI) -- U.S. canned food giant Campbell Soup Co., says it has agreed to buy natural foods producer Bolthouse Farms for $1.55 billion in cash.

Bolthouse has leading market positions in fresh carrots and super-premium beverages in the United States, along with a growing presence in refrigerated salad dressings, New Jersey-based Campbell said Monday.

Based in Bakersfield, Calif., Bolthouse markets and sells its beverages and dressings under the "Bolthouse Farms" brand, and its carrots under the "Bolthouse Farms," "Earthbound Farms" and "Green Giant" brands, as well as private label offerings.

Bolthouse will provide Campbell with significant presence and a new platform for expansion in the rapidly growing, $12-billion market for packaged fresh foods, the company said in a statement.

"The addition of Bolthouse's market-leading super-premium refrigerated beverages will complement Campbell's successful 'V8' beverage business and will create one of the industry's largest healthy beverage platforms, with annual sales of approximately $1.2 billion," the statement said.

Campbell said it plans to operate Bolthouse Farms as a separate business unit.