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Hain Celestial to Acquire Spectrum Organic Products

The Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading natural and organic food and personal care products company, announced its intention to purchase Spectrum Organic Products, Inc. (OTC Bulletin Board: SPOP). Hain Celestial will pay approximately $0.705 per share, adjusted to reflect Spectrum’s estimate of expenses and the price adjustment provisions of the agreement, to Spectrum shareholders consisting of approximately 50% in Hain Celestial common shares and 50% in cash. The transaction is expected to close in November and to be accretive to Hain Celestial earnings. Spectrum is a California-based leading manufacturer and marketer of natural and organic culinary oils, vinegars, condiments and butter substitutes under the Spectrum Naturals brand and essential fatty acid nutritional supplements under the Spectrum Essentials brand, sold mainly through natural food retailers. Spectrum reported sales for its last fiscal year of $49.9 million. “Spectrum has been a well-respected producer of natural and organic oils in the natural food channels for many years, and adding their range of offerings in this category to Hain Celestial’s existing portfolio gives us another opportunity to offer our customers additional category-leading products,” said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial. “We look forward to expanding Spectrum […]

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Time to Close Fuel Economy Loopholes

A report released today by the Union of Concerned Scientists (UCS) shows that closing three loopholes in national fuel economy standards can reduce U.S. oil dependence by nearly 1 million barrels per day and save consumers $14 billion per year within a decade. “Fuel Economy Fraud: Closing the Loopholes That Increase U.S. Oil Dependence,” tackles loopholes in fuel economy standards and investigates problems in the tax system that encourage automakers to produce gas-guzzlers. “It takes considerable imagination to say that the PT Cruiser, Subaru Outback wagon and sedan, Ford Freestyle or Dodge Magnum shouldn’t be treated the same as other cars,” said Don MacKenzie, lead author of Fuel Economy Fraud and vehicles engineer for UCS. “And that is only the tip of the iceberg: exemptions, credits, and tax breaks let automakers shirk their responsibility to address energy security, global warming, and the high costs of driving.” The new report provides a yardstick for evaluating a proposal from the National Highway Traffic Safety Administration (NHTSA) that is expected later this month. Fuel economy standards are the nation’s chief tool for reducing America’s oil dependence. The forthcoming NHTSA proposal would be the first radical change to the fuel economy program since its […]

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