Campbell Soup (NYSE:CPB) will seek acquisitions as a strategy to propel its growth.
CEO Denise Morrison told interviewers on Wednesday that the company would attempt to build its international snack food and baked goods business by purchasing competitors at home and overseas, the Wall Street Journal noted.
Details of the new strategy were not revealed. However, Morrison has previously indicated an intention to increase the company’s overseas snack food sales.
The company’s core soup business is less open to international expansion, due to local eating habits. Last year, the company withdrew from Russia in the face of faltering sales.
With soup sales remaining sluggish, the company is looking to the snack food business for growth. With well-know brands like Pepperidge Farm and Arnott’s, snack food sales hit $2.2 billion in fiscal 2012.
Recently installed president of the baking and snack foods business, Irene Chang Britt, is working to expand the Campbell brand overseas, hoping to boost its third ranked position behind Kellogg (NYSE:K) and Kraft Foods (NASDAQ:KFT).
Shares of Campbell Soup were mostly flat in Thursday morning trading.