Campbell Soup buys Pace FoodsCampbell Soup Co. said...

BUSINESS DIGEST

November 29, 1994

Campbell Soup buys Pace Foods

Campbell Soup Co. said yesterday that it would pay $1.1 billion to buy the world's largest maker of Mexican salsa and sauces.

The Camden, N.J., food company said it would buy Pace Foods Ltd., of San Antonio, Texas, which is the top-selling Mexican sauce brand in the United States and in the world.

Campbell says the Mexican sauce category, mainly picante sauce and salsa, has grown at an annual rate of 13 percent since 1988 and, since 1992, has accounted for more sales than ketchup.

More U.S.-built Japanese cars

For the first time last year, Japanese automakers produced more vehicles in the United States than they shipped to this country, a Japanese auto association said yesterday.

More than 1.8 million vehicles were produced in the United States for the fiscal year ended in January 1994, said the Japanese Automobile Manufacturers Association. In the same year, Japan exported 1.5 million vehicles to the United States.

Japan has been under U.S. pressure to produce more cars in the United States because Japanese exports account for more than 40 percent of the U.S. trade deficit.

Waverly buys textbook rights

Waverly Inc. said yesterday that it has bought publishing rights to a group of surgical textbooks and instructional videos from a St. Louis-based company in a bid to expand its share in that segment of the medical publishing market. Terms were not disclosed.

Waverly, based in Baltimore, publishes medical and scientific journals and textbooks.

Waverly has been a minority shareholder in Quality Medical Products, which sold the product lines, since 1990.

Sales of existing homes

Rising mortgage rates restrained sales of previously owned homes in October.

The National Association of Realtors said sales of existing single-family homes in October edged up 0.5 percent to 3.91 million at a seasonally adjusted annual rate, up from September's sharply revised 3.89 million rate. The initial September estimate was 3.97 million.

The revision meant that September sales were much weaker than first thought, dropping 1 percent rather than rising 1 percent as first reported.

Waste industry consolidation

USA Waste Services Inc. said yesterday that it is buying Pittsburgh-based Chambers Development Company Inc. in a $725 million deal that will create the fourth-largest solid waste company in North America.

The resulting company will have annual revenues of about $450 million, the companies said, with operations in 21 states.

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