Hain Celestial Sells WestSoy Plant-Based Protein Businesses
May 6, 2019
Company retains soymilk beverage business; Keystone venture capital fund is the buyer.
Following the new CEO's review of all of the company's diverse businesses, Hain Celestial Group has sold its WestSoy tofu, seitan and tempeh businesses to Keystone Natural Holdings, a portfolio company of Keystone Capital that focuses on plant-based foods.
The divestiture did not include the WestSoy soymilk business. The terms of the transaction were not disclosed.
"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," said Mark Schiller, who took over as CEO last November.
"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," said Schiller.
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