MELVILLE, N.Y., May 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- The Hain Celestial Group, Inc. (HAIN) , a leading natural and organic food and personal care products company, today announced an agreement to acquire the tofu and meat-alternative business of WhiteWave Foods Company, a subsidiary of Dean Foods Company (DF) . These products are sold under the brand names TofuTown(R) and WhiteWave(R) and are currently manufactured in Boulder, Colorado.
"Adding the tofu and meat-alternative business from WhiteWave Foods complements our existing Yves Veggie Cuisine(R) 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 United States, 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.
The Hain Celestial Group
The Hain Celestial Group (HAIN) , headquartered in Melville, NY, is a leading natural and organic food and personal care products company in North America and Europe. Hain Celestial participates in almost all natural food categories with well-known brands that include Celestial Seasonings(R), Terra Chips(R), Garden of Eatin'(R), Health Valley(R), WestSoy(R), Earth's Best(R), Arrowhead Mills(R), DeBoles(R), Hain Pure Foods(R), FreeBird(TM), Hollywood(R), Spectrum Naturals(R), Spectrum Essentials(R), Walnut Acres Organic(TM), Imagine Foods(TM), Rice Dream(R), Soy Dream(R), Rosetto(R), Ethnic Gourmet(R), Yves Veggie Cuisine(R), Linda McCartney(R), Realeat(R), Lima(R), Grains Noirs(R), Natumi(R), JASON(R), Zia(R) Natural Skincare, Avalon Organics(R), Alba Botanica(R) and Queen Helene(R). For more information, visit www.hain-celestial.com.
Safe Harbor Statement
This press release contains forward-looking statements within and constitutes a "Safe Harbor" statement under the Private Securities Litigation Act of 1995. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve known and unknown risks and uncertainties, which could cause our actual results to differ materially from those described in the forward- looking statements. These risks include but are not limited to general economic and business conditions; the ability to implement business and acquisition strategies and integrate acquisitions; competition; retention of key personnel; compliance with government regulations and other risks detailed from time-to-time in the Company's reports filed with the Securities and Exchange Commission, including the report on Form 10-K for the fiscal year ended June 30, 2006. The forward-looking statements made in this press release are current as of the date of this press release, and the Company does not undertake any obligation to update forward-looking statements.