Hain Celestial is selling off its poultry unit, raising $80 million and shedding another perceived non-core business.
The company is selling Hain Pure Protein Corp., which includes the Empire Poultry and FreeBird brands, to Aterian Investment Partners III. The move follows Hain’s sale of its WestSoy tofu, seitan and tempeh businesses to Keystone Natural Holdings.
The move is part of Hain’s strategy to stanch its recent fiscal bleeding with the cash from selling off non-core businesses. Its profit last year was only 0.4% of sales, and it reported a net loss of $65.8 million in the quarter ending in March.