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Hain Celestial buys specialty rice company Tilda

Published on NewsOK Modified: January 13, 2014 at 8:00 am •  Published: January 13, 2014
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LAKE SUCCESS, N.Y. (AP) — Organic and natural products company Hain Celestial is buying specialty rice products company Tilda Ltd.

Financial terms were not disclosed.

Tilda has more than 60 dry rice and ready-to-heat branded products under the names Tilda, Akash Basmati and Abu Shmagh. Its products are sold in more than 40 countries. The United Kingdom-based company had about $190 million in 2013 sales.

Basmati rice can only be grown in the Himalayan foothills and is known for its unique aroma and distinctive nutty taste.

Irwin Simon, president, founder and CEO of Hain Celestial, said in a statement on Monday that the transaction allows Hain to expand its product portfolio into the premium Basmati rice category and other specialty rice products. Simon also said that Tilda's existing markets in India and the Middle East and North Africa give Hain access to new markets for its existing brands.

Hain's brands include Celestial Seasonings, Earth's Best, Rice Dream and others.

Hain Celestial Group Inc., which is based in Lake Success, N.Y., anticipates the transaction adding 6 cents to 10 cents per share to its adjusted earnings in the second half of fiscal 2014.

Hain shares finished at $90.12 in trading on Friday.