Hain Celestial Set to Acquire Linda McCartney Brand
The Hain Celestial Group, Inc. also announced the expansion of its European operations with the acquisition of the fresh prepared foods business based in Luton, England from the H. J. Heinz Company.
03/05/06 The Hain Celestial Group, Inc. has entered into advanced negotiations to acquire the frozen meat-free business based in Fakenham, England, including the Linda McCartney brand (under license), from the H. J. Heinz Company. The transaction is subject to a third party licensing arrangement, which is in a preliminary stage. It is expected that the potential acquisition of the business would be completed in June.
"We are excited with the prospect of adding the Linda McCartney line of vegetarian products to our natural and organic portfolio of brands, and we look forward to the potential of working with Sir Paul McCartney and his family in developing a wide array of Linda McCartney vegetarian products throughout Europe and North America," commented Irwin Simon, President and Chief Executive Officer of The Hain Celestial Group.
Meanwhile The Hain Celestial Group, Inc. also announced the expansion of its European operations with the acquisition of the fresh prepared foods business based in Luton, England from the H. J. Heinz Company, which generated approximately 30 million pounds sterling in sales during calendar year 2005. The terms of the acquisition were not disclosed.
"The Luton-based fresh prepared foods operation will provide us with a strong foothold and a full infrastructure in the United Kingdom, from which we can grow operations and product distribution," commented Irwin D. Simon, President and Chief Executive Officer of Hain Celestial. "As we expand our European business with fresh prepared foods and natural and organic products including non-dairy beverages, tea, grocery and snacks products, we look to streamline this business to focus on our core strategy and to divest those businesses that do not complement our growth plan."
