McCormick Acquires Australian Herb Company
April 19 2016 - 10:20AM
Dow Jones News
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.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 19, 2016 10:05 ET (14:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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