Hain to Buy Turkey Farm

October 2, 2007

1 Min Read
Hain to Buy Turkey Farm

MELVILLE, N.Y.Hain Celestial Group announced it is acquiring Plainville Turkey Farm, Inc. through its Hain Pure Protein Corp. joint venture, of which Hain controls 50.1 percent, with the remaining minority share owned by Pegasus Capital Advisors. The Syracuse, N.Y.-based Plainville has been growing and processing turkey since 1923 and is a leading supplier of natural and antibiotic-free whole turkeys and deli turkey products primarily serving the natural and grocery channels in the Northeast and Mid-Atlantic regions. Plainville Turkey Farm generated approximately $30 million in sales in its last fiscal year; Hain expects the transaction to be slightly accretive to earnings in fiscal year 2008.

"We're excited to expand our specialty poultry business with a well-recognized industry leader in Plainville Turkey Farm. Mark Bitz, a sixth generation member of the family, will be joined by James Reed, an industry veteran from ConAgra Foods, Inc., Empire Kosher Inc. and, most recently, Cameco Inc., in the day-to-day operations of the Plainville business. As a company with headquarters in New York, we also look forward to adding to our operations in the state, Simon confirmed.

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