US spice giant McCormick & Co. has bought a minority stake in Indian spice and seasoning business in Indian firm Eastern Condiments.
McCormick said today (29 June) that it had paid around US$35m for its 26% stake in Eastern Condiments.
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The US group said the “partnership” between the two firms was “expected to lead to continued double-digit sales growth and further profitability for the Eastern brand”.
President and CEO Alan Wilson added: “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.”
Eastern, which generated sales of $67m in the year to the end of March, is one of India’s few “national” spice brands, McCormick said.
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The company said teaming up with McCormick would it help expand further outside India. The business already exports to 15 markets.
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By GlobalData“[McCormick’s] 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,” said Eastern chairman M.E. Meeran.
