DENVER -- The WhiteWave Foods Co. on Jan. 2, 2014, completed its previously announced acquisition of Earthbound Farm, one of the country's leading organic food brands, for approximately $600 million in cash.
Gregg Engles, chairman and CEO of WhiteWave, said, "We are pleased to complete this transaction, which represents an exciting step in WhiteWave's evolution and reaffirms our leadership in the organic foods and beverages industry in North America. With Earthbound Farm as part of our portfolio, WhiteWave will now provide the two most popular gateways for consumers to enter into the organic category--produce and dairy--and have a significant foothold in the fresh foods category, which represents one of the most attractive, emerging trends in the food industry today. We look forward to partnering with our talented colleagues at Earthbound Farm as we continue to work to change the way the world eats for the better."
WhiteWave plans to operate Earthbound Farm as a separate business unit, based in San Juan Bautista, Calif. It anticipates no significant operational changes at Earthbound Farm as a result of the acquisition.
WhiteWave has announced that Kevin C. Yost will join the newly acquired Earthbound Farm business as president, effective immediately. Charlie Sweat, previously CEO of Earthbound Farm, will move into an advisory role to ensure a smooth transition. The rest of the Earthbound Farm management team will continue to serve in their current roles.
Yost will have full operational responsibility for the Earthbound Farm business. He will report to Engles and serve on the company's Executive Leadership Team.
Yost most recently worked with Saputo Inc., a global consumer packaged goods (CPG) company in branded and private-label foods and beverages. He brings more than 22 years of CPG and food industry experience driving shareholder value at leading, multi-billion dollar companies, including Dean Foods' Morningstar division, ConAgra Foods and Swift & Co.
Throughout his career, Yost has had a strong track record growing categories and building sales, along with deep experience managing multiple production sites and leading global sales, marketing and supply chain organizations.
Denver-based WhiteWave is a leading consumer packaged food and beverage company that manufactures, markets, distributes, and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce throughout North America and Europe. The company's leading brands distributed in North America include Silk plant-based foods and beverages, International Delight and Land O Lakes coffee creamers and beverages, Horizon Organic premium dairy products and Earthbound Farm certified organic salads, fruits and vegetables. Its popular European brands of plant-based foods and beverages include Alpro and Provamel.
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