Organic consolidation continues as Hain buys Spectrum

MELVILLE, N.Y., Aug. 23, 2005: The Hain Celestial Group, a leading natural and organic food and personal care products company, announced the signing of a definitive agreement and plan of merger with Spectrum Organic Products, Inc, a California-based leading manufacturer and marketer of natural and organic culinary oils, vinegars, condiments and butter substitutes. Under the terms of the agreement, Hain Celestial has agreed to pay approximately $0.705 per share. The transaction is expected to close in November.

Hain Celestial president and CEO, Irwin D. Simon, applauded the opportunity to expand Hain’s reach in the niche market, "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.”