US: WhiteWave sells tofu to focus on "core" brands
WhiteWave Foods said today (30 May) it has decided to sell its tofu and meat-alternative businesses to focus on its "core" brands.
WhiteWave Foods said it wants to focus on four brands - Silk, Horizon Organic, International Delight and its Land O'Lakes cream products.
"WhiteWave Foods' tofu business carries with it meaningful brand equity and opportunity," a spokesperson told just-food. "However, our current strategic focus at WhiteWave Foods lies with dairy case beverages and coffee creamers. Our plan is to focus our resources on those core categories and brands."
The spokesperson added: "Hain Celestial was a good fit, as they were looking to expand their meat-free alternative product offerings."
As part of its meat-alternative business, WhiteWave Foods also owns a range of namesake products. However, Hain Celestial has declined to acquire those products outright and will instead continue to produce the WhiteWave products under licence over the next 12 months for the US and Canadian markets.
Hain Celestial already owns a non-dairy beverage brand called White Wave, which it bought last year through its acquisition of UK-based Haldane Foods.
Financial details for today's deal with WhiteWave Foods, which is expected to close next month, were not disclosed. Hain Celestial said the tofu business generated sales of US$8m in the last fiscal year.
Hain Celestial, which produces a range of natural and organic products, believes the acquisition will bolster its business in growing categories in the US and Canada.
Hain Celestial already owns a range of meat-free products on sale in the US and Canada under the Yves brand name.
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