Sector News

McCormick acquires Australian Herb Company

April 20, 2016
Consumer Packaged Goods

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

comments closed

Related News

February 25, 2024

The Body Shop faces store closures, layoffs and ingredient surplus after Aurelius acquisition

Consumer Packaged Goods

Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.

February 25, 2024

Kroger and Albertsons face lawsuits to block $24.6bn merger – Bloomberg

Consumer Packaged Goods

Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.

February 25, 2024

Diageo reportedly in talks to offload trio of brands, including Pimm’s

Consumer Packaged Goods

The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.

How can we help you?

We're easy to reach