USA, Lake Success, N.Y. The Hain Celestial Group announced its intent to divest its Hain Pure Protein business. The announcement came on the same day the company released its earnings for the second quarter of fiscal 2018.
“The company cannot give any assurances that this will result in any specific action or regarding the outcome or timing of any action,” Hain Celestial said in a statement. “The company does not intend to comment further regarding the potential divestiture at this time.”
During the second quarter ended 31 December, Hain Pure Protein generated sales of $159 mill. over the prior-year period, reflecting a 15% increase from Plainville Farms, 17% from FreeBird and 7% from Empire Kosher brands, partially offset by a decrease in private label sales, according to the company. Segment operating income increased to $5.3 mill.
In June 2017, Hain Celestial Group management said it had begun to conduct a strategic review of the Hain Pure Protein business. “We are going to look at all our businesses, all our categories and evaluate what strategically make sense,” said Irwin Simon, chairman, president and CEO, when he announced the review. “Listen, the organic category is growing nicely, but this is a different business to manage. So, we are going to look at everything.”