Ceased Operations May15, 2009
Message: Pilgrim's Pride Turkey Division Sold to All-Natural Producer
Citing low profits, the nation's largest chicken processor has sold its turkey-production and distribution plant in New Oxford, Pennsylvania to a company that plans to produce antibiotic-free chickens and turkeys. Ray Atkinson, director of corporate communications for Pilgrim's Pride Corp., said the plant was sold because the company did not expect to meet its long-term goals based off previous sales. Pilgrim's Pride reported sales of about $7.6 billion for dressed chicken and turkey last year, but only $122 million came from dressed turkey sales, he said.
The New Oxford plant processes about 175,000 turkeys a week. The plant was bought by New Oxford Foods LLC, a division of Fredericksburg, Pa.-based Hain Pure Protein Corp. That company is a division of Hain Celestial Group Inc., headquartered in Melville, N.Y.
"New Oxford Foods, which today is a private-label conventional turkey provider, will convert its operations to provide natural, antibiotic-free turkey to capitalize on the short supply of antibiotic-free turkey," said David Wiggins, chairman and CEO of Hain Pure Protein.
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Hain Pure Protein Corporation Announces the Acquisition of Turkey Operations From Pilgrim's Pride Corporation Expands Presence in Fresh Poultry; Forms New Oxford Foods, LLC and Names New Management Team for Business
Hain Pure Protein Names New Management Team
Hain Pure Protein will be led by a strong industry experienced management team including David A. Wiggins, who has served as an Operating Advisor to Pegasus Capital Advisors and was formerly Chief Executive Officer of Empire Kosher Poultry, Inc., and Vice President of Operations of Butterball Turkey Company, who will report to Irwin D. Simon. David A. Wiggins will be joined by James C. Reed as Chief Operating Officer; Robert Lampo as Chief Financial Officer; Joseph A. DePippo as Executive Vice President of Retail Sales; William E. Jenkins as Executive Vice President of Sales and Marketing; and Roxanne C. Parmele as Vice President of Human Resources.
The Hain Celestial Group
The Hain Celestial Group (Nasdaq: HAIN), headquartered in Melville, NY, is a leading natural and organic food and personal care products company in North America and Europe. Hain Celestial participates in almost all natural food categories with well-known brands that include Celestial Seasonings®,Terra®, Garden of Eatin'®, Health Valley®, WestSoy®, Earth's Best®, Arrowhead Mills®, MaraNatha® SunSpire®, DeBoles®, Hain Pure Foods®, FreeBird ™, Plainville Farms®, Hollywood®, Spectrum Naturals®, Spectrum Essentials(R), Walnut Acres Organic®, Imagine®, Rice Dream®, Soy Dream®, Rosetto®, Ethnic Gourmet®, Yves Veggie Cuisine®, Granose®, Realeat®, Linda McCartney®, Lima®, Grains Noirs®, Natumi®, JASON®, Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Tushies® and TenderCare®. Hain Celestial has been providing "A Healthy Way of Life" since 1993. For more information, visit http://www.hain-celestial.com/.
Pegasus Capital Advisors
Pegasus Capital Advisors, L.P. is a private equity fund manager with offices in New York and Cos Cob, CT. Founded in 1995, Pegasus provides capital to middle market companies across a wide range of industries, and has particular interest in businesses that make a meaningful contribution to society by positively affecting the environment, contributing to sustainability and enabling healthy living. For more information, visit http://www.pcalp.com/.
MELVILLE, N.Y., March 10, 2008 Hain Pure Protein Corporation, a joint venture between Pegasus Capital Advisors, L.P., with a 49.9% minority interest, and The Hain Celestial Group, Inc. (Nasdaq: HAIN), with a 50.1% controlling interest, today announced the acquisition of the turkey production facility and distribution center of Pilgrim's Pride Corporation (NYSE: PPC) in New Oxford, Pennsylvania, by its newly formed wholly-owned subsidiary, New Oxford Foods, LLC.
"This strategic investment positions Hain Pure Protein at the forefront of the natural and organic sector of the poultry industry and gives us capabilities to expand our offerings of branded, premium products. As the facility immediately begins to transition to antibiotic-free, adding New Oxford Foods to existing brands Plainville Farms(R) and FreeBird(TM) Chicken gives Hain Pure Protein additional scale with the capacity to meet increasing volume demands and for value-added all natural, antibiotic-free chicken and turkey products," said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial.
"This strategic investment positions Hain Pure Protein at the forefront of the natural and organic sector of the poultry industry and gives us capabilities to expand our offerings of branded, premium products. As the facility immediately begins to transition to antibiotic-free, adding New Oxford Foods to existing brands Plainville Farms(R) and FreeBird(TM) Chicken gives Hain Pure Protein additional scale with the capacity to meet increasing volume demands and for value-added all natural, antibiotic-free chicken and turkey products," said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial.
"We entered the category in order to establish a consistent source for high quality natural and organic antibiotic-free poultry as ingredients in our branded food products," continued Irwin Simon. "After nearly three successful years, we have vertically integrated while there has been exceptional growth in the category, and we are excited about the demand for healthful turkey and chicken products in response to consumer concerns about beef and pork. We continuously seek innovative products to satisfy consumers who want to eat healthier products and are very pleased with the response to Hain Pure Protein."
New Oxford Foods will become part of the Hain Pure Protein reporting unit, which is consolidated into the results of Hain Celestial. Hain Celestial expects that the addition of New Oxford Foods will be accretive to earnings in its fiscal 2009 year. Terms of the acquisition, which closed today, were not disclosed.
Hain Pure Protein Names New Management Team
Hain Pure Protein will be led by a strong industry experienced management team including David A. Wiggins, who has served as an Operating Advisor to Pegasus Capital Advisors and was formerly Chief Executive Officer of Empire Kosher Poultry, Inc., and Vice President of Operations of Butterball Turkey Company, who will report to Irwin D. Simon. David A. Wiggins will be joined by James C. Reed as Chief Operating Officer; Robert Lampo as Chief Financial Officer; Joseph A. DePippo as Executive Vice President of Retail Sales; William E. Jenkins as Executive Vice President of Sales and Marketing; and Roxanne C. Parmele as Vice President of Human Resources.
"New Oxford Foods, which today is a private label conventional turkey provider, will convert its operations to provide natural, antibiotic-free turkey to capitalize on the short supply of antibiotic-free turkey," said David A. Wiggins, Chairman and Chief Executive Officer of Hain Pure Protein. "Additionally, New Oxford Foods will supply Hain Pure Protein's Plainville operations with product to meet the increasing consumer demand to meet its current needs and to support added growth. New Oxford Foods will also add higher margin items to its product offerings such as tray pack and other value-added products."
Hain Pure Protein Corporation was formed in July 2005 to establish FreeBird Chicken, which specializes in natural, organic and antibiotic-free chickens. In August 2007 Hain Pure Protein acquired Plainville Turkey Farm, Inc., a leading supplier of natural and antibiotic-free whole turkeys and deli turkey products in the Northeast and Mid-Atlantic.
Hain Pure Protein Corporation was formed in July 2005 to establish FreeBird Chicken, which specializes in natural, organic and antibiotic-free chickens. In August 2007 Hain Pure Protein acquired Plainville Turkey Farm, Inc., a leading supplier of natural and antibiotic-free whole turkeys and deli turkey products in the Northeast and Mid-Atlantic.
The Hain Celestial Group
The Hain Celestial Group (Nasdaq: HAIN), headquartered in Melville, NY, is a leading natural and organic food and personal care products company in North America and Europe. Hain Celestial participates in almost all natural food categories with well-known brands that include Celestial Seasonings®,Terra®, Garden of Eatin'®, Health Valley®, WestSoy®, Earth's Best®, Arrowhead Mills®, MaraNatha® SunSpire®, DeBoles®, Hain Pure Foods®, FreeBird ™, Plainville Farms®, Hollywood®, Spectrum Naturals®, Spectrum Essentials(R), Walnut Acres Organic®, Imagine®, Rice Dream®, Soy Dream®, Rosetto®, Ethnic Gourmet®, Yves Veggie Cuisine®, Granose®, Realeat®, Linda McCartney®, Lima®, Grains Noirs®, Natumi®, JASON®, Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Tushies® and TenderCare®. Hain Celestial has been providing "A Healthy Way of Life" since 1993. For more information, visit http://www.hain-celestial.com/.
Pegasus Capital Advisors
Pegasus Capital Advisors, L.P. is a private equity fund manager with offices in New York and Cos Cob, CT. Founded in 1995, Pegasus provides capital to middle market companies across a wide range of industries, and has particular interest in businesses that make a meaningful contribution to society by positively affecting the environment, contributing to sustainability and enabling healthy living. For more information, visit http://www.pcalp.com/.
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