View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 29, 2010

US/INDIA: McCormick buys stake in India’s Eastern Condiments

US spice giant McCormick & Co. has bought a minority stake in Indian spice and seasoning business in Indian firm Eastern Condiments.

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.

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.

The company said teaming up with McCormick would it help expand further outside India. The business already exports to 15 markets.

“[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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food