Hain Picks A Wave
"Adding the tofu and meat-alternative business from WhiteWave Foods complements our existing Yves Veggie Cuisine product line, strengthening and expanding our fresh, meat-free alternative product offerings to further support this sector of the growing natural and organic market," commented Irwin D. Simon, president and chief executive officer of The Hain Celestial Group. "Purchasing this business will better position the company to increase our meat-free alternative product sales in Canada and the U.S., as we integrate the sales and marketing into our existing Yves operation." concluded Irwin Simon.
The product line includes baked and grilled tofu, seitan, tempeh and other traditional tofu items sold through natural and conventional grocery stores, as well as in foodservice outlets. The tofu business generated sales of approximately $8 million in the last fiscal year. The transaction excludes the WhiteWave trademark; however, Hain Celestial will continue to market existing products under the WhiteWave brand for a transitional period under license. Other terms of the acquisition, which is expected to close in June, were not disclosed. The transaction is expected to be accretive to Hain Celestial's earnings during its fiscal year 2008.
From the June 4, 2007, Prepared Foods e-Flash