Photo by Roberto Machado Noa/LightRocket via Getty Images(NEW YORK) — In a sale worth more than $4 billion, McCormick & Company is expected to purchase the food business of the company that owns French’s, Frank’s RedHot and Cattlemen’s brands.
In a press release from Reckitt Benckiser Group, which owned the condiments, the company’s CEO, Rakesh Kapoor, says that he is “pleased to be selling to owners who can provide the necessary resources, market expertise and global platform, whilst being a good home for our people.”
In its own press release, McCormick said that acquiring the “beloved products enables McCormick to become a one-stop shop for condiment, spice and seasoning needs.”
Reckitt Benckiser has shifted its focus away from the food division in recent years, the New York Times notes. The company has instead focused its business on health products, such as Durex condoms, Dr. Scholl foot care and Nurofen pain relievers.
The sale is expected to be completed later in the year and is subject to regulatory approval.
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