McCormick Purchases Reckitt Benckiser’s Food Unit for $4.2 Billion
Reckitt Benckiser was offloading its food unit prompting interest from multinationals from around the world, but has now announced that it has entered into an agreement to sell its Food business
Beating off other suitors like Unilever and Hormel, US spices, herbs and flavorings manufacturer McCormick & Company has jumped in to buy the food unit of UK-based Reckitt Benckiser.
Reckitt Benckiser was offloading its food unit prompting interest from multinationals from around the world, but has now announced that it has entered into an agreement to sell its Food business (RB Food or French’s Food), including the French’s, Frank’s RedHot and Cattlemen’s brands, to McCormick & Company Inc. for US$4.2 billion on a cash-free, debt-free basis.