Campbell Soup Company is betting on its iconic Goldfish crackers with a $160 million investment, saying the brand is approaching a billion-dollar business.
(Bloomberg) — Campbell Soup Company is betting on its iconic Goldfish crackers with a $160 million investment, saying the brand is approaching a billion-dollar business.
The investment in its Pepperidge Farm bakery in Richmond, Utah, will boost production by 50% to about 5 million Goldfish crackers an hour, or 1,500 a second, the food-maker said in a statement Tuesday.
The $160 million investment will help the company meet rising demand for the snack, with Campbell adding an on-site flour mill and more than 80 jobs at the Utah plant to keep up with demand.
Campbell’s shares are down nearly 20% this year as it struggles with declining volumes, but its sales have been propped up by what it calls its “8 power brands,” including Goldfish.
The Goldfish capacity expansion, Campbell’s third in the past two years, is expected to be complete by the end of 2024.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.