Hain Celestial said today (30 May) that it is set to buy WhiteWave Foods’ tofu and meat-alternative business.
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The US-based company, which produces a range of natural and organic products, said the acquisition would strengthen its existing range of meat-free products.
“Purchasing this business will better position the company to increase our meat-free alternative product sales in Canada and the US,” said Hain Celestial president and CEO Irwin Simon.
Under the deal, Hain Celestial will buy the TofuTown brand. The company said it would not snap up the WhiteWave range, although it will continue to market existing products under the WhiteWave brand for a transitional period under licence.
Financial details for the deal, which is expected to close next month, were not disclosed. Hain Celestial said the tofu business generated sales of US$8m in the last fiscal year.
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