McCormick spices up its portfolio
McCormick has outbid the likes of Unilever and Hormel Foods to buy Reckitt Benckiser Group's North American food business for around US$4.2 billion.
By selling off the food business unit, which includes French’s mustard and Frank’s RedHot sauce, Reckitt will be able to focus more closely on its consumer health and home brands, which include Durex condoms and Mucinex cold medicine, and cut debt following its $16.6 billion purchase of baby formula maker Mead Johnson.
McCormick has obtained bridge financing and expects to permanently finance the deal through a combination of debt and equity. It will gain a leading position in the US condiments category, where it expects the hot sauce category to maintain robust growth.
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