Hain Food Group, Uniondale, N.Y., March 6 announced plans to acquire specialty tea marketer Celestial Seasonings for more than $300 million in stock. The combined company, Hain Celestial Group, will be headed by Irwin Simon, now president-CEO of Hain, who will become chairman, president and CEO. The merger is part of Hain's effort to strengthen its position in the $20 billion natural food market. Last fall, H.J. Heinz Co. acquired a 19.5% stake in Hain. Campbell Mithun
Esty, Minneapolis, handles Celestial Seasonings, which spent $10 million on media in 1998.
Copyright March 2000, Crain Communications Inc.