Campbell's Bolthouse carrots have turned corner, exec says
Campbell Soup Co.'s division that includes Bolthouse Farms has made changes to planting and harvesting methods that should enable the unit to put a troubled period behind it, Ed Carolan, the new president of Campbell Fresh, said Wednesday at the company's annual investor day in Camden. Campbell paid $1.55 billion in cash for Bolthouse Farms, which had $689 million in annual revenue at the time of the 2012 acquisition. It was meant to be the cornerstone of Campbell's push into fresher food, but the Bakersfield, Calif., company has yet to fulfill expectations. Bolthouse's problems may have peaked in the quarter ended May 1, 2016, when the unit's sales fell by $14 million, accounting for nearly half of Campbell's revenue decline in a tough quarter. At the time, Campbell officials blamed cold, rainy weather in California for a disruption in carrot supplies. On Wednesday, Carolan, who was named to head Campbell Fresh in November, also said...