CAMDEN, NJ - Campbell soup announced yesterday that it is acquiring Bolthouse Farms for $1.55 billion in cash. Bolthouse includes a portfolio of fresh carrots, super-premium beverages, and refrigerated salad dressings.

The acquisition will provide Campbell with a "significant presence" and a "new platform" in the $12-billion packaged fresh foods market. Bolthouse??s product line will complement Campbell??s V8 beverages while creating one of the industry??s largest healthy beverage platforms, with annual sales of roughly $1.2 billion.

"Bolthouse is a great strategic fit with Campbell," said Denise Morrison, Campbell??s president and CEO. "Its business platforms, capabilities and culture are well aligned with the core growth strategies we announced last year. Its strong position in the high-growth packaged fresh category complements our chilled soup business in North America, and offers exciting opportunities for expansion into adjacent packaged fresh segments that respond directly to powerful consumer trends."

For its fiscal year that ended March 31, Bolthouse recorded sales of $689 million and adjusted EBIT of $92 million. It employs about 2,100 people.

Campbell plans to operate Bolthouse Farms as a separate business, with members of Bolthouse??s senior management team remaining with the company.

"We are delighted to be joining Campbell and its family of beloved brands," said Bolthouse president and CEO Jeff Dunn. "Campbell??s 140-plus year history of providing high-quality foods and beverages to consumers complements Bolthouse??s history of growth and innovation in fresh and packaged fresh foods. We are excited by the alignment between our strategic visions and the significant opportunities for accelerated growth for both companies."

The transaction is expected to occur this summer, subject to regulatory approvals and closing conditions.