Campbell Soup buys Wolfgang Puck soup business

Financial terms were not disclosed, but Campbell said the cash deal with Country Gourmet Foods is not expected to have a material effect on its fiscal 2009 financial results.

Campbell entered a licensing agreement with Wolfgang Puck Worldwide Inc. to use the Wolfgang Puck brand on soup, stock and broth products in North America. The deal includes an option to extend the brand into other related categories and channels.

Campbell says the acquisition and licensing agreement extend the company's offerings in the growing organic and natural segment of the market.

Denise Morrison, president of Campbell's North America soup, sauces and beverages division, says the newly acquired soups help meet the company's dual goals of adding healthy and premium foods.

Also on Tuesday, the company was to give an update on its business in China and Russia.