Hain Celestial Group Inc. announced Thursday that it has completed divestitures of the Casbah and Europe's Best brands to U.S. Durum and Nature's Touch Frozen Foods, respectively.
Details of these transactions were not disclosed.
Mark Schiller, Hain Celestial's president and chief executive officer, said, "These two Canadian strategic brand divestitures represent another important step in the execution of our transformational strategic plan...The transactions allow us to focus more resources against fewer, bigger opportunities which will drive our long term financial performance."
Just days after Schiller took over as the CEO of Hain Celestial in November 2018, he said in an earnings call that the company needs to focus its resources on the most profitable brands and geographies. During 2019, the company sold Plainville Farms, part of its Pure Protein division; West Soy's tofu, seitan and tempeh businesses; Freebird and Empire Kosher, the last of its Pure Protein business; Tilda, a basmati and rice brand; and Arrowhead Mills and SunSpire.
At the end of 2020's second quarter, Hain Celestial's net debt was $289 million and the gross debt-to-leverage ratio was 3.1, compared with 4.2 at the end of fiscal 2019.
Source: Hain Celestial Group Inc.