Campbell Soup (CPB.NYSE) will form a joint venture with Swire Pacific (0019.HK) to develop its soup business in China, Reuters reported. Campbell Soup will hold 60% of the joint venture according to an agreement signed by the two companies. Financial details of the deal were not disclosed. The companies said China, which consumes about 355 billion servings of mostly homemade soup per year, is a ripe target for packaged soup. Campbell Soup saw US soup sales fall 13% in the most recent quarter, and said it would concentrate in the US on products including juices and crackers. Swire has been the China distributor for Campbell’s Soup since its entry into the market.