- Hain Celestial revealed Wednesday its acquisition of the roughly 80% it did not previously hold of EK Holdings Inc. and its wholly-owned subsidiary, Empire Kosher Poultry, Inc. The roughly 80% Empire acquisition cost was $57.6 million, net debt included.
- "Empire expands our Farm to Table product offerings, a growing category that appeals to those seeking 'the pure foods trend,' including our core natural and organic consumers," said Irwin D. Simon, Hain Celestial's founder, president, and CEO in a news release. "We plan to expand the product offerings into deli, fresh prepared foods and other grocery categories."
- Empire's CEO Jeffrey N. Brown will keep his role there leading the day-to-day operations and will report to Simon.
"As the No. 1 kosher producer of humanely raised hormone-free and antibiotic-free poultry, I'm pleased to be able to continue the heritage of Empire under the stewardship of Hain Celestial, where we feel we can leverage opportunities to expand our distribution," Brown added in a news release.
Hain Celestial recently delivered its second quarter earnings, which saw a net sales uptick, but it also forecast a lower annual net sales prediction than it had done previously.
Perhaps this acquisition will lead to a more positive outlook for the company going forward.