The Hain Celestial Group has announced that Hain Pure Protein Corporation has sold its Kosher Valley brand of certified kosher antibiotic-free chicken and turkey to Empire Kosher Poultry.
“We are pleased that Kosher Valley has been acquired by Empire, a premier brand in kosher poultry, which will expand the breadth of its product lines and distribution reach,” said Irwin D. Simon, President and CEO of Hain Celestial and a Director of HPP.
“It’s great for HPP to join forces with Empire, as Kosher Valley will benefit from Empire’s production capabilities and reputation for delivering high-quality products to a broad market. At the same time, the antibiotic-free chicken and turkey product lines of HPP are experiencing good growth, as consumers choose poultry over red meat,” added Simon.
Irwin Simon and Rodney Cohen of Pegasus are expected to become directors of Empire.
During the 9 months ended March 31, 2010, Kosher Valley incurred losses, which had the effect of reducing Hain Celestial’s diluted earnings by $0.04 per share, and therefore Hain Celestial expects the sale is expected to be accretive by approx. $0.05 to Hain Celestial’s future annual earnings.