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Hain Celestial to snap up Premier Foods brands Thursday, 23rd August 2012
Hain Celestial has agreed to snap up some of Premier Foods’ top packaged grocery brands for £200 million in a cash and stock deal which is expected to close in October.
The deal, which includes the sale of Hartley’s jams and Sun-Pat peanut butter, sent shares in Hain Celestial up 10 per cent.
If completed, the deal will help the company supply packaged groceries that do not require cold storage to major UK retailers such as Sainsbury’s and Tesco.
Hain Celestial is reportedly expecting sales from the Premier Foods business during the eight months from closing to 30 June to be around USD 180 million.