Hain Celestial Group Inc., an organic and natural products company with operations in North America, Europe, Asia and the Middle East, has completed the divestiture of the WestSoy tofu, seitan and tempeh businesses to Keystone Natural Holdings, a portfolio company of Keystone Capital focusing on plant-based food.
The strategic divestiture did not include the WestSoy plant-based beverage business, which has been retained by Hain Celestial, headquartered in Lake Success, New York. The terms of the transaction were not disclosed.
“We are pleased to complete the strategic divestiture of the WestSoy tofu, seitan and tempeh businesses,” said Mark L. Schiller, Hain Celestial president and CEO. “This brand divestiture is in line with the core objectives of our transformational strategic plan to reduce complexity and streamline our portfolio of brands to drive sustainable growth and shareholder value. We believe the WestSoy tofu, seitan and tempeh business, while not core to our strategy, will be a strong performer in the hands of an owner who is committed in this category and will continue to deliver innovative high-quality products to our customers.”
Since 1993, Hain Celestial Group has been dedicated to making healthier, better-for-you food and personal care products. The company participates in many natural categories with well-known brands that can be found in more than 70 countries and is committed to growing sustainably.
Keystone Natural Holdings manages various manufacturers that produce healthy, vegan and vegetarian products including tofu, meatless burgers, veggie mix, soy drinks and other soy-based and plant-based items.
