Hain Celestial Acquires Churchill Food Products
Churchill's production is expected to complement Hain Celestial's existing Daily Bread brand.
17 Jun 2010 --- The Hain Celestial Group, Inc, a leading natural and organic products company providing consumers with A Healthy Way of Life, announced the acquisition of Churchill Food Products Limited, a manufacturer and distributor of food-to-go products in the United Kingdom. Located in Nottingham, Churchill's production is expected to complement Hain Celestial's existing Daily Bread brand. The Company completed this acquisition as part of its plan to return to profitability in the United Kingdom, which is expected to occur in fiscal year 2011.
"The addition of Churchill's expands our customer base for food-to-go offerings in the United Kingdom," said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial. "We view this as a strategic acquisition to broaden our customer base and our Daily Bread branded products. Our combined technical and innovation teams will bring us the capability of developing more exciting and healthy food-to-go products."
"I am very excited to be joining the Daily Bread senior management team. I believe that this initiative will enable us to provide a more robust, progressive and innovative business, and I am also proud to be working with the UK's greenest food producer," said Tony Pritchard, Managing Director of Churchill Food Products Limited.
With this acquisition completed, a strategic review of the two businesses will begin with the goal of maximizing synergies. Consultations with employees will take place regarding any proposed plans developed during the strategic review.
Terms of the acquisition, which closed on June 15, 2010, were not disclosed.
