Hain Celestial set to be frozen food player
May 20, 2004 1:30 PM, from staff and wire reports
The Hain Celestial Group, a Melville NY-based natural and organic food company, plans to expand its presence in frozen foods. It will acquire the Ethnic Gourmet brand of natural ethnic frozen meals and the Rosetto brand of frozen Italian products from H J Heinz Co. Terms of this transaction were not disclosed.
Combined annual sales of the Ethnic Gourmet and Rosetto brands were approximately $30 million in 2003. Together with Hain Celestial’s other frozen brands—such as Rice Dream and Soy Dream frozen desserts, Kineret frozen foods, and frozen entrees offered under the Hain brand—the acquisition creates a $45 million to $50 million presence in the frozen food category, and a platform for further growth.
Completion of the acquisition is subject to customary closing conditions.
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