Thursday, July 20, 2017
McCormick to Buy French’s Mustard in $4.2 Billion Deal
LONDON — McCormick & Company will account for more space in American cupboards after agreeing to buy French’s mustard and Frank’s Red Hot sauce in a deal worth $4.2 billion.
The spice maker, which is based in Sparks, Md., near Baltimore, will acquire the food business of Reckitt Benckiser, the British consumer-goods company, and intends to finance the deal through a combination of debt and equity. The business includes the French’s, Frank’s Red Hot and Cattlemen’s brands.
The sale, announced late Tuesday, came after Reckitt Benckiser announced a strategic review in April of its food business.
The acquisition of Frank’s Red Hot, French’s mustard and “other beloved products enables McCormick to become a one-stop shop for condiment, spice and seasoning needs, providing our customers and consumers with an even more diverse and complete flavor product offering,” Lawrence E. Kurzius, the McCormick chairman, president and chief executive, said in a news release.
at 7/20/2017 06:30:00 PM