Hain Pure Protein Corporation Announces the Expansion of its Poultry Operations in New York State
PLAINVILLE, N.Y., Dec. 1 /PRNewswire-FirstCall/ -- Hain Pure Protein Corporation, a joint venture between The Hain Celestial Group, Inc. (Nasdaq: HAIN - News), with a 50.1% controlling interest and Pegasus Capital Advisors, L.P., with a 49.9% minority interest, today announced plans to expand its Plainville, New York facility to meet the growing demand for natural, antibiotic-free, vegetarian-fed, kosher poultry products. The Company expects to furlough approximately 90 employees in the beginning of January while the plant is modified to accommodate the new kosher process. Production on the new kosher line is expected to begin in late February, 2009, and as a result of the conversion, it is currently anticipated that the total number of employees will increase. During this time, production of Plainville Farms® turkeys will move to Hain Pure Protein's New Oxford, Pennsylvania facility, which is expected to result in increased cost savings and efficiencies at the facility.
"Plainville Farms continues to be one of the leading suppliers of natural, antibiotic-free, vegetarian-fed turkeys in America, and we look forward to adding this production to our New Oxford Foods facility," said David Wiggins, President of Hain Pure Protein and formerly Chief Executive Officer of Empire Kosher Poultry, Inc. "As we said when we purchased Plainville Turkey Farm in August, 2007, we were excited to increase our specialty poultry product offerings, and we hoped to be able to expand our operations and product offerings within New York State. We see increasing demand for quality kosher poultry, and in order for Hain Pure Protein to meet this growing demand for natural, antibiotic-free, vegetarian-fed, kosher chicken and turkey products, the plant will be closed for production at the end of December with an expected reopening in approximately eight weeks with the facility adapted for new kosher production. The employees who have made our Plainville turkey operation the success it is today will be welcomed back at the commencement of kosher production."
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 and in March, 2008, the Company expanded its turkey operations with a facility in New Oxford, Pennsylvania.
The Hain Celestial Group
The Hain Celestial Group (Nasdaq: HAIN - News), 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(TM), Plainville Farms®, Hollywood®, Spectrum Naturals®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Rice Dream®, Soy Dream®, Rosetto®, Ethnic Gourmet®, Yves Veggie Cuisine®, Granose®, Realeat®, Linda McCartney®, Daily Bread(TM), 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(TM)" since 1993. For more information, visit 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 www.pcalp.com.
Safe Harbor Statement
This press release contains forward-looking statements within and constitutes a "Safe Harbor" statement under the Private Securities Litigation Act of 1995. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve known and unknown risks and uncertainties, which could cause our actual results to differ materially from those described in the forward-looking statements. These risks include but are not limited to general economic and business conditions; our ability to implement our business and acquisition strategy; our ability to effectively integrate our acquisitions; competition; availability and retention of key personnel; our reliance on third party distributors, manufacturers and suppliers; changes in customer preferences; international sales and operations; escalating fuel and commodity costs; the resolution of the SEC inquiry and litigation regarding our stock option practices; changes in, or the failure to comply with, government regulations; and other risks detailed from time-to-time in the Company's reports filed with the SEC, including the annual report on Form 10-K, for the fiscal year ended June 30, 2008. As a result of the foregoing and other factors, no assurance can be given as to future results, levels of activity and achievements and neither the Company nor any person assumes responsibility for the accuracy and completeness of these statements.