News Summary: Campbell closing 2 plants
THE NEWS: Campbell Soup Co. is closing two plants and cutting more than 700 jobs as it looks to trim costs amid declining soup consumption.
THE BACKGROUND: Overall soup consumption has declined over the years amid evolving consumer tastes. Competitors have also taken a greater share of the market.
THE FUTURE: To freshen up its image, Campbell is introducing dozens of new soup flavors and sauces intended to attract younger consumers. Many of the new products come in pouches rather than cans. The company also purchased Bolthouse Farms this summer to expand into the fresh juice category.