Tags: EU | Britain | Reckitt

Spice Maker McCormick Buys Reckitt Benckiser's Food Brands

Wednesday, 19 July 2017 05:38 AM

LONDON (AP) — U.S. spice maker McCormick & Company has bought Reckitt Benckiser's food business in a $4.2 billion deal.

The American company fought off rival bidders to purchase French's mustard and Frank's RedHot brands.

The deal will create a combined group with annual sales of around $5 billion.

Lawrence E. Kurzius, McCormick's CEO, says the deal will allow the company to create "an even more diverse and complete flavor product offering."

It comes as Reckitt re-focuses the group on consumer health and hygiene products after it bought U.S. baby formula maker Mead Johnson in a move that will help the company grow in China.

Shore Capital analyst Darren Shirley says Reckitt "is achieving a very attractive valuation for a North American food business, in our view."

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U.S. spice maker McCormick & Company has bought Reckitt Benckiser's food business in a $4.2 billion deal.The American company fought off rival bidders to purchase French's mustard and Frank's RedHot brands.The deal will create a combined group with annual sales of around $5...
EU,Britain,Reckitt
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2017-38-19
Wednesday, 19 July 2017 05:38 AM
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