NY: Hain Celestial Announces Expansion of International Corporate Headquarters on Long Island
14 May, 2012
The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading natural and organic products company providing consumers with A Healthy Way of Life™, announced the Company's commitment to expand its international corporate headquarters. The Company has leased new office space in Lake Success, New York in Nassau County where it plans to relocate its existing 250 Long Island-based employees and create over 100 new jobs over the next 10 years.
With tax incentives provided by the State of New York through Empire State Development and the Nassau County Industrial Development Agency, Hain Celestial has committed to investing $10 million as part of its office relocation and expansion of its operations.
"The expansion of Hain Celestial means an industry-leading business and almost 400 jobs will stay right where they belong on Long Island," Governor Andrew M. Cuomo said. "This is another strong sign that New York is becoming a place where businesses want to grow and make long-term, job-creating investments."
"Nearly 20 years ago, I founded Hain Celestial as a start-up company on Long Island with a handful of employees. By 2001 we had 120 employees and over $400 million in sales when we moved to our present location. As a proud resident New Yorker, I am pleased to be increasing our commitment to the region with the expansion of our international corporate headquarters complete with state-of-the art sustainable features," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "The design and layout of our new facility will provide us with a nurturing environment to foster the next level of growth for the Company. Our new in-house research and development capability will create products that will be sold all over the world. Additionally, our commitment to innovative natural and organic products that consumers are increasingly seeking out should benefit our employees, customers, consumers and shareholders as well as providing New York State and Nassau County with a stable employer and employee base committed to a greater good as we all recognize the benefit of maintaining A Healthy Way of Life™. Lastly, I would personally like to thank Governor Cuomo and Nassau County Executive Mangano who, along with others, played an integral part in making sure that Hain Celestial would remain in New York."
Nassau County Executive Edward P. Mangano said, "It's a great day when government can help save and create private sector jobs and assist in economic development projects that benefit the community. I led the charge to bring Hain Celestial's headquarters to Nassau County and with final approval from the Nassau County Industrial Development Agency, this agreement will ensure that Nassau County helps save and create hundreds of good-paying local jobs. From creating new jobs to generating economic activity in our local economy, this announcement is a win-win for Nassau residents."
Supported by an incentive package from Empire State Development (ESD) of $4.5 million in Excelsior Jobs Program tax credits, Hain Celestial will lease and make capital improvements to an 86,000 square foot facility as part of the relocation of its international corporate headquarters to Lake Success from Melville.
Pending final Board approval, the Nassau County Industrial Development Agency will provide Hain Celestial with a 16-year payment in lieu of taxes (PILOT) agreement and a sales and use tax exemption for up to $603,750 in purchases for furniture, fixture and equipment related to the renovation of their international headquarters. In return for the tax incentives, Hain Celestial should bring at least 315 net new jobs to Nassau County.
Empire State Development President, CEO & Commissioner Kenneth Adams said, "Under Governor Cuomo's leadership, we are beginning to see that New York's improving business climate is rapidly attracting companies to grow and invest here. Hain Celestial's investment in Nassau County will create and retain hundreds of new jobs while ensuring New York remains a leader with natural and organic products manufacturing companies."
Hain Celestial employs approximately 4,000 employees worldwide with approximately 1,200 in the United States. With Hain Celestial's revenue having grown from approximately $400 million in 2001 and expected to reach approximately $1.4 billion by its June 30, 2012 fiscal year end, its employees having increased from approximately 100 employees to over 250 on Long Island today, and its current lease expiring later this year, the company explored alternative locations in the tri-state area before determining that the Lake Success location would best facilitate the Company's growth plans.
As a company committed to corporate and social responsibility, Hain Celestial is working with local firms to retrofit existing office space in the Town of Lake Success in Nassau County to serve as its international corporate headquarters. These plans include building a research and development center to facilitate product innovation for many of its well-known brands including Earth's Best Organic® baby food, Imagine® soup and Health Valley® products. The decision to invest in New York State followed stiff competition from other states for Hain Celestial's business.
Brian Waterman, Lance Korman and Scott Berfas of Newmark Grubb Knight Frank represented the leasing efforts on behalf of Hain Celestial.
The Hain Celestial Group, Inc.
The Hain Celestial Group (NASDAQ: HAIN), headquartered in Melville, NY, is a leading natural and organic products company in North America and Europe. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Gluten Free Cafe™, Hain Pure Foods®, Hollywood®, Spectrum Naturals®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, Ethnic Gourmet®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New Covent Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®, Linda McCartney®, Daily Bread™, Lima®, Danival®, GG UniqueFiber®, Grains Noirs®, Natumi®, JASON®, Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Earth's Best TenderCare® and Martha Stewart Clean™. Hain Celestial has been providing "A Healthy Way of Life™" since 1993. For more information, visit www.hain-celestial.com.