The Hain Celestial Group, a mainstay of heath food shops, today (19 December) announced the completion of the merger with Spectrum Organic Products.
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Spectrum shareholders will receive US$0.7035 per share after deductions for company expenses of $0.3485 per share in cash and $0.355 per Hain Celestial share.
The merger agreement increases the number of Hain Celestial shares by 924,259.
Hain Celestial currently produces specialty foods in kosher, sugar-free and low-salt, natural and organic, snack, and weight-management categories. The acquisition extends Hain Celestial’s product range into natural and organic cooking oils, vinegars and condiments manufactured under the Spectrum Naturals brans and essential fatty acid supplements sold as Spectrum Essentials.
“Spectrum strengthens our position in the natural and organic sector with the addition of Spectrum Naturals® and Spectrum Essentials®, as healthy oils are featured in the new food pyramid and USDA Dietary Guidelines” said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial. “We look forward to integrating Spectrum into our portfolio of brands in the Grocery and Snacks area of our business and expanding their product offerings with broader distribution.”
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