Campbell Soup is adding some spice to its product line. The soup company has agreed to buy Garden Fresh Gourmet for $231 million, acquiring the number one refrigerated salsa brand, according to a statement yesterday.

Campbell is the latest packaged-food company to use acquisitions to add more up-to-date products and reinvigorate sales. Hormel Foods, the producer of Spam, announced plans last month to buy natural-sausage maker Applegate Farms for about $775 million.

So-called packaged fresh foods, which includes refrigerated salsa, is a $19 billion-plus market that grew 4.9 per cent in the past year, the company said.

Campbell’s top line could use the boost. Its total revenue is projected to drop 2 per cent this fiscal year. – (Bloomberg)