Campbell Soup, at 149 years-old, is at a crossroads

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Cans of Campbell’s soup are displayed on a shelf at Marinwood Market on November 21, 2017 in San Rafael, California. 

Its once arch-enemy, The H. J. Heinz Company, was acquired by Berkshire Hathaway and private equity firm 3G Capital back in 2013. Heinz went on to merge with Kraft Foods Group in 2015 to create Kraft Heinz. As of Friday’s market close, the ketchup and snack giant has a market capitalization of over $73 billion, compared to around $12 billion for Campbell.

Campbell and the Dorrance heirs must now decide if those pressures are enough to force drastic change on a company whose iconic red and white cans have looked essentially the same for more than a century. But those cans started as orange and black, until a Campbell executive was entranced by the uniform worn by Cornell University football players against the haze of sleeting rain during a match. That decision spawned commercials, paintings and cupboards that are emblazoned in many Americans’ memories. Campbell has proven itself capable of transformation, even it happens decades apart.

Now, the company is fighting to establish memories for the next generation, while Dorrance heirs must decide the future of their fortunes.

Campbell will announce the result of its review at the end of August.