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- Hain Celestial takes strategic steps to simplify portfolio and operational footprint to reduce complexity and strengthen balance sheet
The company consolidates its production of personal care products and reduces its product portfolio by 62%
Efforts underway in Snacks, Babies/children, Beverages and Food preparations to shape a winning portfolio
Shares drive central pillar of Hain Reimagined business strategy
HOBOKEN, N.J., May 1, 2024 /PRNewswire/ -- Hain Celestial Group (Nasdaq: HAIN), a leading global health and wellness company dedicated to inspiring healthier living through better-for-you brands, has announced the strategic actions that the company is carrying out to advance the Focus pillar of its Hain Reimagined business strategy. Key initiatives include category-wide SKU reductions, consolidating its operational footprint, and rationalizing its global co-manufacturing network. The steps Hain has taken are unlocking annualized savings, generating operating cash flow to pay down debt, and driving gross margin expansion.
Wendy Davidson, President and CEO of Hain Celestial, explained: “This critical work delivers on the commitments we outlined in the Focus pillar of our Hain Reimagined strategy to design a winning portfolio of brands across five categories, and to materially simplify our footprint and Leverage scale and synergies across our five core geographies. “These actions reinforce our focus on driving a portfolio of core, hardworking brands that produce stronger speeds and remove operational complexity from our supply chain to drive margin expansion.”
Global SKU Reduction to Shape a Winning Portfolio Hain is designing a winning portfolio by actively evaluating and rationalizing its brand portfolios. As of July 2023, the company has eliminated 6% of its SKUs worldwide and is expected to increase that number over the next two years. Currently, those reductions are split almost equally between North America and International and include brands in the Snacks, Baby/Kids, Beverages, Food Preparations and Personal Care categories.
Simplifying operational footprint to reduce supply chain complexity Hain is also streamlining its operational footprint and leveraging synergies across the business to drive scale as the company focuses on five core geographies: the United States, Canada, United Kingdom, Ireland and Western Europe.
As Hain is in the founding year of its Hain Reimagined strategy, the company continues to identify opportunities to further simplify and streamline the business by optimizing its operating model, leveraging synergies and scale, and continuing to focus on shaping a portfolio winner. These efforts will unlock savings to further deleverage the balance sheet and reinvest in brand building, channel expansion and innovation. Hain will share more details during its third quarter 2024 earnings presentation on May 8, 2024.
About Hain Celestial Group Hain Celestial Group is a leading health and wellness company whose purpose is to inspire healthier lives for people, communities and the planet through better-for-you brands. For more than 30 years, our portfolio of brands has been intentionally focused on delivering nutrition and wellness that positively impacts today and tomorrow. Headquartered in Hoboken, New Jersey, Hain Celestial products are marketed and sold in more than 75 countries around the world in the areas of snacks, baby/kids, beverages, meal preparation and personal care. Our leading brands include Garden Veggie™ snacks, Terra® crisps, Garden of Eatin'® snacks, Earth's Best® and Ella's Kitchen® baby and children's foods, Celestial Seasonings® teas, Joya® plant-based beverages and Natumi®, Greek Gods® yogurt, Cully soups
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If risks or uncertainties materialize or assumptions prove incorrect, our results could differ materially from those expressed or implied by such forward-looking statements. The words “we expect,” “aim,” “we may,” “should,” “plan,” “intend,” “potential” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, among other things, our beliefs or expectations regarding our future performance, results of operations and financial condition, our strategic initiatives and our business strategy.
Risks and uncertainties that could cause actual results to differ materially from the forward-looking statements are described in our latest Annual Report on Form 10-K and other documents we file from time to time with the U.S. Securities and Exchange Commission (SEC). .
We undertake no obligation to update forward-looking statements to reflect actual results or changes in assumptions or circumstances, except as required by applicable law.
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