Hain Celestial, an organic and natural products company with operations in North America, Europe, Asia and the Middle East, has announced that it has completed the divestiture of its WestSoy tofu, seitan and tempeh businesses to Keystone Natural Holdings, a portfolio company of Keystone Capital focusing on plant based food, for an undisclosed sum.
Commenting on the deal, Mark L Schiller, Hain Celestial president and CEO, said: “This brand divestiture is in-line with the core objectives of our transformational strategic plan to reduce complexity and streamline our portfolio of brands to drive sustainable growth and shareholder value”.
“We believe the WestSoy tofu, seitan and tempeh business, while not core to our strategy, will be a strong performer in the hands of an owner who is committed in this category and will continue to deliver innovative high-quality products to our customers”.
The sale did not include the WestSoy plant-based beverage business, which has been retained by Hain Celestial.
Source: Hain Celestial