Ketchup King to Sell Hain Shares
H.J. Heinz announced that it was exploring the sale of its approximately 6.1 million shares of the Hain Celestial Group. While Heinz noted the sale is consistent with its strategy to consolidate efforts on its core business, NBN reminds readers that Heinz’ initial purchase was believed to be a ‘testing of the waters’ for a possible purchase of Hain. Hain’s awkward recipe for growth has been regularly noted here. Led by an odd acquisition strategy of purchasing companies in core categories that Hain already competes in, as well as the overall lackluster performance of stock price and overall profits no doubt gave Heinz pause in anticipating a future partnership.