Paul McCartney may ink deal with LI company

Paul McCartney working with Melville-based Hain Celestial Group?Let it be, representatives for McCartney and Hain Celestial said today, announcing that Hain is now in "advanced" talks to acquire the United Kingdom-based frozen vegetarian products unit of H.J. Heinz Co., including the Linda McCartney brand.Terms of a potential deal were not announced.Hain, a manufacturer of organic grooming products and foods, said in a pre-market opening announcement that the deal will probably take place in June. Hain said that the purchase of the Fakenham, England-based company would be subject to a licensing agreement.According to Hain, representatives for McCartney said "the McCartney family looks forward to working with Hain Celestial to expand the Linda McCartney brand in Europe and North America.Linda McCartney died in 1998 from breast cancer. McCartney is one of two surviving members of the four-member Beatles group.In a separate announcement, Hain said that it earned $9.7 million in its fiscal third quarter, a 27 percent increase from the same period last year. Hain said that it expects to earn between 22 cents and 23 cents a share in the fourth quarter.Hain also said that it closed on a new $250 million revolving credit line and a $150 million private placement of senior notes.Hain said it now has a market value of about $1 billion.The company said sales in the quarter were $196.4 million, 22 percent higher than in the same quarter last year.On a per-share basis, the company earned 25 cents, 4 cents more than in the corresponding quarter in 2005.Irwin Simon, Hain Celestial's president and chief executive officer, said the company's grocery and snacks unit remains strong across its brands, including Earth's Best, Garden of Eatin, Terra Rice Dream, WestSoy, and Imagine soups.Simon said that Celestial Seasonings grew despite warmer weather.The company's growth margins in the quarter were 30.4 percent, versus 28.2 percent in the fiscal quarter of last year.The company has more than 30 natural brands in food and natural care.Hain employes 1,500 people, including 175 on Long Island.
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