Campbell, a multinational company that produces canned soups and broths, stated it reached an agreement with Pacific Foods to purchase the Tualatin-based business for $700 million.
Denise Morrison, president and chief executive officer of Campbell, called Pacific Foods "an excellent fit with Campbell — strategically, culturally and philosophically."
"It advances our strategic imperatives around real food, transparency, sustainability and health and well-being," Morrison was quoted as saying in Thursday's press release. "Culturally, Campbell and Pacific Foods share similar values and a commitment to a purpose-driven approach. Philosophically, both companies believe in making food that we are proud to serve at our own tables using simple, recognizable ingredients."
Pacific Foods is known for its lines of organic soups and other shelf-stable products, including non-dairy milk alternatives. The company employs some 540 people.
The Tualatin company confirmed the news in a Facebook post Thursday afternoon, stating that "after years of turning away interested parties, we actually went seeking a partner that could meet our strict criteria, a partner that would honor our values and see the potential of the brand and the company."
The post added that the acquisition, subject to regulatory approvals, will bring Pacific Foods into Campbell's portfolio "sometime in the coming months."
Chuck Eggert, Pacific Foods' CEO, is expected to stay on as a supplier, according to Campbell.
"We've spent the past 30 years focused on making nourishing foods with an emphasis on simple, organic ingredients and authentic, rich flavors," Eggert stated in Campbell's press release. "Looking ahead, a future with Campbell means we can maintain what we value while accelerating growth of the brand in a way that we couldn't do alone, reaching more people while increasing our impact on sustainable agriculture."
Eggert's statement was echoed in the Pacific Foods Facebook post.
"There are no plans to change what we stand for over the course of our growth," the company stated. "We'll still make all the products you love with the same attention to how ingredients are grown and raised. We'll continue making extra to share with communities in need and minimizing our impact on the environment. We're just going to be easier to find."
Campbell already owns several other recognizable brands, including Pepperidge Farm, Prego and V8. Pacific Foods is expected to become part of that Campbell's Americas Simple Meals and Beverages division.
Pacific Foods was founded in 1987 in Tualatin. Campbell stated it plans to continue operating the brand out of Tualatin, where it has a certified organic plant.