Bosses at Campbell Soup Company, whose cans feature in one of Andy Warhol’s best known 1960s pop artworks, have announced plans to drop ‘soup’ from its name after more than 100 years.
Its chief executive, Mark Clouse, said the decision to rename the group the Campbell’s Company was part of a shift in focus to the other snack foods and jarred sauces it sold.
The 155-year-old company started producing canned condensed soup in 1897 – believed to be the first in the US to do so – and has held the Campbell Soup Company name since 1922.
Its place in US popular culture was further cemented when Warhol produced his screen prints depicting 32 cans of Campbell’s soup with different flavours in the early 1960s.
However, Clouse confirmed that investors would vote on the name change at its annual general meeting in November, saying the new name would better reflect Campbell’s growing product line.
In addition to its line of soups, the New Jersey-based company owns other popular US food brands such as Goldfish crackers, Cape Cod crisps, V8 beverages and Prego sauces.
“We will always love soup, and we’ll never take our eye off of this critical business,” Clouse said during the company’s investor day on Tuesday. “But today, we’re so much more than soup.”
Last year, Campbell’s snacks sales grew by 13%, while its soups grew by only 3%.
Clouse said that to meet its financial guidance the company would require soup sales to remain stable. However, the company believes they could start rising more sharply again as the US population ages, given soup is more popular with older people.
For now, the company’s star product is Goldfish cracker snacks, which are expected to become Campbell’s largest brand by 2027.
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In recent years, Campbell has looked to acquire other food brands in an attempt to increase its offering, this includes the $2.7bn (£2.1bn) of Sovos Brands last year, which is best known for its Rao’s pasta sauce.
Clouse said that the snacking sector was under increased pressure because of lower- and middle-income households facing financial strain.
He added that the company had yet to see any impact on sales from weight-loss drugs such as Wegovy, which reduce appetite. As part of its plans to reduce costs and boost profit, the company has outlined a $250m cost savings programme.