LAKE SUCCESS, NY. — The Hain Celestial Group, Inc. has completed the divestitures of two more brands, continuing in its plan to strategically shed non-core businesses and become a smaller, more profitable company.
US Durum Products Ltd., Lancaster, Pa., a couscous manufacturer, has acquired the Casbah brand of Mediterranean-style mixes and side dishes from the Hain Celestial Group. Nature’s Touch Frozen Foods, Montreal, a processor of frozen fruits, has acquired the Europe’s Best brand of frozen fruits and vegetables. Financial terms of the transactions were not disclosed.
"These two Canadian strategic brand divestitures represent another important step in the execution of our transformational strategic plan by further simplifying the portfolio and organization and improving our margins and cash flow,” said Mark L. Schiller, president and chief executive officer of Hain Celestial. “The transactions allow us to focus more resources against fewer, bigger opportunities, which will drive our long-term financial performance."
The two transactions are the latest in a string of strategic divestitures by Hain Celestial since Mr. Schiller joined the company over a year ago. In 2019, the company divested seven businesses with almost $750 million in sales, including Hain Pure Protein businesses consisting of Plainville, Empire Kosher and FreeBird brands, WestSoy, Tilda, Sunspire and Arrowhead Mills.