McCormick Adds Flavor With Reckitt's Food Brands but Pays a Red-Hot Price
Wide-moat McCormick has confirmed its intent to pay $4.2 billion for Reckitt Benckiser’s food brands--Frank’s RedHot sauce, French’s mustard, and Cattlemen’s barbecue sauce--in a deal expected to close by year-end. We think the strategic rationale of the tie-up, the possibility of which we'd written about in April, is clear: It affords McCormick the opportunity to leverage its leading presence in the spices, seasoning, and food flavoring aisle with high-growth, high-margin condiment brands, comp...McCormick & Co. manufactures, markets and distributes spices, seasoning mixes, condiments and other flavor products to the food industry- retailers, food manufacturers and foodservice businesses. The company also is partner in a number of joint ventures that are involved in the manufacture and sale of flavor products. The company's business segments comprised of: consumer, in which the company markets its products to customers and supplies private label items, known as store brands; and flavor solutions, which provides a range of flavor solutions including seasoning blends, spices and herbs, condiments, coating systems and compound flavors.
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