Hain Celestial Group's Canada subsidiary acquires Europe's Best brand of all-natural frozen food and vegetable products; terms not disclosed
MELVILLE, New York
October 6, 2011
– The Hain Celestial Group, Inc. (NASDAQ:HAIN - News), a leading natural and organic products company providing consumers with A Healthy Way of Life™, today announced the acquisition of the assets and business of the Europe's Best® brand of all natural, frozen fruit and vegetable products in Canada through its Hain Celestial Canada subsidiary. The acquisition is expected to be accretive to Hain Celestial's earnings in fiscal year 2012.
"Consumers striving for wellness are increasing their consumption of anti-oxidant rich fruits and vegetables. Our entry into this growing $385 million Canadian category of frozen fruits and vegetables complements our product offerings while providing us with a new category for potential growth. With this strategic acquisition we plan to expand Europe's Best product lines into other channels of distribution in North America, and we will leverage the talented team we have in place at Hain Celestial Canada," said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial.
The Europe's Best product line includes 24 premium fruit and vegetable products distributed in Canada. All Europe's Best products are washed and individually quick frozen, by means of a flash freeze process, to retain flavor and freshness and preserve nutritional value.
"We're excited to be adding the Europe's Best brand to our portfolio," commented Beena Goldenberg, President of Hain Celestial Canada. "Value added product offerings like Europe's Best Fruit Essentials™ antioxidant blends and Roasted Gourmet Frozen Vegetables meet the increasing consumer demand for convenience in better-for-you products. We plan to cross promote Europe's Best with other Hain Celestial brands to create healthier eating options including smoothies and yogurt. We also expect to expand into organic fruits and vegetables and drive multi-brand growth with product extensions and on-the-go product offerings."
Europe's Best was previously a brand of Smucker Foods of Canada Corp., a subsidiary of The J. M. Smucker Company. Terms of the acquisition, which closed on October 5, 2011, were not disclosed.
The Hain Celestial Group
The Hain Celestial Group (NASDAQ:HAIN - News), headquartered in Melville, NY, is a leading natural and organic products company in North America and Europe. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Gluten Free Cafe™, Hain Pure Foods®, Hollywood®, Spectrum Naturals®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, Ethnic Gourmet®, Yves Veggie Cuisine®, Europe's Best®, Linda McCartney®, Daily Bread™, Lima®, Danival®, GG UniqueFiber®, Grains Noirs®, Natumi®, JASON®, Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Earth's Best TenderCare® and Martha Stewart Clean™. Hain Celestial has been providing "A Healthy Way of Life™" since 1993. For more information, visit www.hain-celestial.com.
Safe Harbor Statement
This press release contains forward-looking statements under Rule 3b-6 of the Securities Exchange Act of 1934, as amended. Words such as "plan," "continue," "expect," "expected," "believe," "may," "potential," "can," "positioned," "should," "future," "looking" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include the Company's expectations relating to (i) the acquisition of the Europe's Best brand being accretive to the Company's earnings in fiscal year 2012; and (ii) the Company's plans to expand the Europe's Best brand's channels of distribution and product offerings. These risks include but are not limited to the Company's ability to achieve its guidance for net sales and earnings per diluted share in fiscal year 2012 given the economic environment in the U.S. and other markets that it sells products as well as economic, political and business conditions generally and their effect on the Company's customers and consumers' product preferences, and the Company's business, financial condition and results of operations; the Company's expectations for its business for fiscal year 2012 and its positioning for the future; and other risks detailed from time-to-time in the Company's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 30, 2011. As a result of the foregoing and other factors, no assurance can be given as to future results, levels of activity and achievements and neither the Company nor any person assumes responsibility for the accuracy and completeness of these statements.