McCormick & Co said it would buy the food business of British consumer goods conglomerate Reckitt Benckiser Group for $4.2 billion to expand its footprint in the attractive condiments category.
McCormick expects the hot sauce category will continue to see robust growth and said it would integrate the business, RB Foods, into its consumer and industrial segments, and retain top brand names like French's, Frank's RedHot and Cattlemen's.
The U.S. maker of spices and seasonings has been trying to expand its global presence. Last year it approached Premier Foods, the owner of British food brands like Mr. Kipling cakes and Oxo stock cubes. Premier rejected a twice-improved 65 pence-per-share takeover offer.
To read the full original article, please click here.
