Campbell Building New Soup Plant

The refrigerated food service soup unit has been growing fast, the company says.
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Campbell Soup (CPB) - Get Report set plans to build a new soup kitchen that will expand the capacity of its refrigerated soup business by 50%.

The Camden, N.J., company said it will spend $80 million on a 220,000-square-foot culinary campus in Everett, Wash. The new plant is expected to start up in the summer of 2006.

The new plant will make soup for Campbell's StockPot business, which is currently based in Woodinville, Wash. Campbell got a $23 million government relocation benefits package for the move.

StockPot makes restaurant-quality, fresh-refrigerated soups and sauces for the food service industry. Campbell acquired the business in 1998 and said the unit has shown double-digit growth over the past four years.

"Demand for StockPot soups is increasing dramatically through ongoing taste innovations and an absolute dedication to quality," said Campbell's Archie van Beuren. "Our new culinary campus will enable StockPot to continue to grow in the food service market, as well as with many leading food retailers who are increasingly recognizing that StockPot's line of high-quality refrigerated soup is a tremendous complement to their prepared foods offerings."

Early Friday, Campbell rose 22 cents to $30.76.