The Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading natural and organic food and personal care products company, announced its intention to purchase Spectrum Organic Products, Inc. (OTC Bulletin Board: SPOP).
Hain Celestial will pay approximately $0.705 per share, adjusted to reflect Spectrum’s estimate of expenses and the price adjustment provisions of the agreement, to Spectrum shareholders consisting of approximately 50% in Hain Celestial common shares and 50% in cash. The transaction is expected to close in November and to be accretive to Hain Celestial earnings.
Spectrum is a California-based leading manufacturer and marketer of natural and organic culinary oils, vinegars, condiments and butter substitutes under the Spectrum Naturals brand and essential fatty acid nutritional supplements under the Spectrum Essentials brand, sold mainly through natural food retailers. Spectrum reported sales for its last fiscal year of $49.9 million.
“Spectrum has been a well-respected producer of natural and organic oils in the natural food channels for many years, and adding their range of offerings in this category to Hain Celestial’s existing portfolio gives us another opportunity to offer our customers additional category-leading products,” said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial. “We look forward to expanding Spectrum Naturals, Essentials and Ingredients businesses as consumers increasingly seek healthy oils as part of a balanced diet and as recently recommended by the USDA Dietary Guidelines. Spectrum natural and organic products feature healthy oils that are mechanically extracted and free of trans fats and genetically engineered ingredients.”
The Hain Celestial Group, headquartered in Melville, NY, participates in almost all natural food categories with well-known brands that include Celestial Seasonings, Terra Chips, Garden of Eatin’, Health Valley, WestSoy, Earth’s Best, Arrowhead Mills, Hain Pure Foods, Hollywood, Walnut Acres Organic, Imagine Foods, Rice Dream, Soy Dream, Rosetto, Ethnic Gourmet, Yves Veggie Cuisine, Lima, Biomarche, Grains Noirs, Natumi, JASON and Zia Natural Skincare.
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