McCormick To Acquire 26% Stake In Indian Spice Company
McCormick & Company, a manufacturer of spices, seasonings and flavorings, has entered into a joint venture to buy 26% stake in Eastern Condiments, a spices and seasonings supplier in India, for $35m.
The completion of the agreement is expected to occur in the fourth quarter of 2010, subject to regulatory approval. The partnership is anticipated to lead to double-digit sales growth and further profitability for the Eastern brand.
The new partnership with Eastern Condiments complements its existing joint venture and makes way for the company to enter into India. The company also has a 50% interest in India-based AVT McCormick Ingredients.
According to McCormick, the partnership provides it the opportunity to bring new technology in spice supply chain management, manufacturing and new product platforms to India.
M E Meeran, chairman of Eastern Condiments, said: We are pleased to partner with McCormick and expect to benefit from their expertise in global sourcing, manufacturing, product innovation and brand marketing. Their global presence will accelerate our efforts to bring authentic products to Indian consumers in international locations as well as introduce other consumers to Indian cuisine.
Alan Wilson, chairman, president & CEO of McCormick, said: This partnership is an important opportunity for McCormick to participate in the rapid growth of the India food market as consumers seek high-quality, more convenient packaged foods.
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