US natural and organic food group Hain Celestial has acquired premium Basmati rice manufacturer Tilda Ltd.
The company owns the Tilda, Akash Basmati and Abu Shmagh brands and operates in over 40 countries, principally the UK, Middle East, North America, Europe and India.
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During 2013, Tilda generated net sales of about US$190m. The acquisition is expected to add US$0.06-0.10 per share to Hain’s EPS in the back half of its fiscal, the company said.
“We are very excited by the strategic acquisition of Tilda, which expands our worldwide better-for-you product portfolio into the premium Basmati rice category along with other specialty rice products. We plan to grow the Tilda brand further using our existing solid distribution platform in the United States, Canada and Europe with Basmati and ready-to-heat rice product offerings,” said Irwin Simon, Hain Celestial founder and CEO.
The financial details of the transaction were not disclosed.
Click here for just-food’s analysis of the deal.
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