Reckitt Sells Sauces Business To McCormick For $4.2bn

LONDON, , (UrduPoint / Pakistan Point News - 19th Jul, 2017 ) - British consumer health giant Reckitt Benckiser has agreed to offload its sauces division to US spicemaker McCormick for $4.2 billion (3.6 billion Euros), the groups said Wednesday.

"Reckitt Benckiser Group plc is pleased to announce that it has entered into an agreement to sell its food business, including the French's, Frank's RedHot and Cattlemen's brands, to McCormick & Company Inc.," Reckitt said in a statement after a strategic review.

The price tag reflects "the quality of this highly profitable, growth business".

The deal will hand McCormick a leading position in the condiments sector in the United States. It is currently the tenth biggest player.

The Maryland-based group's top US brands include McCormick, Grill Mates and McCormick Gourmet. It also sells Schwartz seasoning in Britain and Ducros in France. RB Food brands include French's mustard and Frank's RedHot sauce, which will now become McCormick's second and third biggest sellers respectively.