Hain Celestial won approval to sell its “own-label” fresh-squeezed juice business, in order to allay British regulators’ antitrust concerns.
The Lake Success-based company said it is selling its juice business to London’s Multiple Marketing Ltd. The business generated about £20 million, about $26 million, in net sales for the fiscal year that ended June 30.
Hain announced last year it was purchasing Orchard House Foods Limited, which manufactures fruit products such as juices and desserts at its U.K. facilities.
The U.K.’s Competition and Markets Authority warned in May that the acquisition raised concerns about a loss of competition, and warned that it would undertake an “in-depth investigation” unless Hain could find a solution.
Hain’s chief executive, Irwin Simon, said in a statement Friday that the company plans “to expand our presence in the on-trend fresh category” and integrate Orchard House into its U.K. business now that the sale of its own-label juice business has been approved.
The regulator said last week it was “satisfied” with Hain’s plan to sell the business. The term “own-label” refers to products marketed under the name of the stores where they are sold.