Pace salsa12/31/2022 Sources: Bloomberg Business News, company reports. Note: Before Monday, the company was privately held no earnings information is being released. * Major products: Mexican-style picante and green chili salsas * Chief executive: Christopher Goldsbury, Jr. * Stock price: Unchanged Monday at $43.75 a share. * Major products: Canned soups, frozen dinners, spaghetti sauces, other brand-name food products. agreed Monday to pay $1.1 billion for Pace Foods Ltd., maker of Mexican-style picante and chili sauces. TEXAS BORN AND BRED: The best ingredients, at expected heat levels, make Pace Chunky Salsa a trusted product for over 70 years, providing consistent quality however it’s used in your. Campbell shares closed unchanged at $43.75 on the New York Stock Exchange.Ĭampbell said it expects to complete the purchase in January pending regulatory approval.Ĭampbell Soup Co. WHOLE INGREDIENTS: Pace Chunky Salsa is made with tomatoes, crisp onions, and the freshest hand-picked jalapeño peppers, and is free from artificial additives, added preservatives, thickeners, and flavors. Investors seemed unconcerned about the short-term profit decline Monday. In the fiscal year ending July 31, Campbell had net earnings of $630 million, or $2.51 a share, on sales of $6.7 billion. After that it will add to profits, the company said. “It’s a high price, but it’s a good business.”Ĭampbell, which plans to pay for the purchase with new debt, said the cost is expected to reduce net earnings per share by about 7 cents in fiscal 1995, which ends next July, and an additional 7 cents in fiscal 1996. “I think there’s probably some guy in San Antonio that’s probably got a big smile on his face today,” Leach said. He said the price tag for the purchase seemed high, though Campbell can afford it. William Leach, an analyst with the securities firm Donaldson Lufkin & Jenrette, said the purchase makes sense for Campbell because of Pace’s growth and similarities in the vegetable-based products of the two businesses.īut Leach noted that Pace Foods will account for only about 5% of Campbell’s profits. The company is projected to have 1994 sales of $220 million and hefty profits from regular business operations of $54 million.ĭistributed in the United States and Canada, Pace salsa has market shares of 27% in grocery stores, 80% in discount clubs and 40% in the food-service industry, according to independent estimates. Pace is the leading picante sauce in retail and food service sales. supermarket sales of Mexican sauces-primarily picante sauce and salsa-grew at an annual rate of 13% from 1988 to 1993, when they totaled about $700 million. In our Pace Thick & Chunky Mild Salsa, tomatoes, hand-picked jalapeno peppers and onions come together to. Officials of Camden, N.J.-based Campbell said they plan to explore international sales of Pace products, but added that it is too early to say if factories or employees will be added.Ĭampbell said U.S. When it comes to Pace salsa, jalapenos are king. Pace’s advertising brags about its San Antonio roots, sneering at another hot sauce brand made in New York City.
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