Campbell's Fresh Business Wilts
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Campbell Soup Co., the nearly 150-year-old company known for canned foods, is struggling to go fresh.
The shares tumbled as much as 5.7% after the company posted a disappointing forecast, hurt by a product recall and a poor carrot harvest at its Bolthouse Foods unit.
Campbell has so far failed to benefit from the major push it made into fresh food with its $1.55 billion acquisition of Bolthouse Farms four years ago. Since taking over the producer of carrots, juices and salad dressings, Campbell has been hampered by a drought that’s hurt its main growing region in California. Chief Executive Officer Denise Morrison said Thursday that the business has made matters worse with poor decisions, such as harvesting vegetables too early, which resulted in smaller carrots that upset customers.
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