The company, which reported a 47% rise in net income to $49m on net sales up 13% to $750m in the third quarter, also said it would divest certain brands representing approximately $30m in sales, as part of a strategic review dubbed Project Terra.
Cultivate Ventures has three aims, said Hain:
- To strategically invest in the company's smaller brands in high potential categories such as SunSpire chocolates and DeBoles pasta by “giving them a dedicated, creative focus for refresh and relaunch.”
- To incubate small acquisitions until they reach the scale for Hain’s core platforms.
- To invest in concepts, products and technology, which focus on health and wellness.
Beginning in fiscal year 2017, Hain will establish five strategic platforms within Hain Celestial US with the purpose to drive accelerated net sales and margin growth, added the New York-based company.
- Fresh Living—poultry, yogurt, plant-based proteins and other refrigerated products
- Better-for-You Baby— infant foods, infant formula, diapers and wipe products that nurture and care for babies and toddlers
- Better-for-You Snacking—wholesome products for in-between meals
- Better-for-You Pantry—core consumer staples
- Pure Personal Care—personal care products focused on providing consumers with cleaner and gentler ingredients.
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