McCormick & Co. said it has acquired privately held Australian firm Botanical Food Co. for roughly 150 million Australian dollars (US$114 million).
The U.S. spice and herb company said the acquisition of the maker of chilled packaged herbs complements its own brands. McCormick said in its news release that Botanical Food’s annual sales are roughly A$70 million and that the company exports to 15 countries. The U.S. is its biggest market.
McCormick expects the acquisition to boost its per-share earnings next year.
The deal comes McCormick walked away from making an offer for British food manufacturer Premier Foods PLC. McCormack said at the time that it wouldn’t be able to propose an offer price would be recommended by Premier Foods. McCormick, which already sells spices and flavorings in the U.K. under the Schwartz brand, had been interested in Premier to increase its presence in the U.K. grocery market.
By Tess Stynes
Source: The Wall Street Journal
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