Campbell Soup Co. said Thursday it agreed to pay $700 million in cash for Pacific Foods, a producer of organic broth and soup, as well as plant-based beverages and other products.

Pacific, based in Tualatin, Ore., had $218 million in revenue in the 12 months ended May 31 and employs 540, Campbell said Thursday after the stock market closed.

The acquisition is Campbell's fifth in the last five years, as the Camden company attempts to reinvigorate sales growth. Most packaged-food giants have been dogged by slow growth, as consumer tastes and eating habits change.

Campbell described Pacific, which was founded in 1987, as a natural foods-industry pioneer. Campbell said it will expand distribution, boost marketing, and invest in research and development. The deal is expected to be neutral to earnings in the first 12 months after the deal closes.