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Singapore: Hain Builds Platform for Asia Expansion
By signing an investment deal with Yeo Hiap Seng, American organic food giant Hain Celestial is aiming to become a major player in the Asian market. The two companies have also declared an intention to pursue joint interests in food marketing and product development.
Hain Celestial is one of the world’s largest producers of organic & natural products, reporting USD 544 million sales in 2004.
Company growth has largely been due to acquisitions, which have seen it expand from organic & specialty foods to natural personal care products. Hain Celestial owns a portfolio of American brands and is developing a strong European presence, however this is the company’s first foray into the Asian market.
Yeo Hiap Seng is a Singapore-based producer of food & beverages. With operations in Singapore, Malaysia, Thailand and China, the company’s brands are household names in South-East Asian countries. Its product range includes soya drinks, teas, juices, noodles and sauces. Yeo Hiap Seng reported about USD 177 million sales in 2004. Like Hain Celestial, it is a public-listed company.