McCormick Buys Minority Share of Eastern Condiments Private Ltd.

SPARKS, Md.McCormick & Company, Incorporated completed the purchase of a 26% minority share in Eastern Condiments Private Limited, a spice and seasoning business based in Kerala, India, for $36 million. The agreement to enter into this joint venture was first announced on June 29, 2010. According to McCormick & Company, Eastern is a leading brand of spices, seasonings and other related food products in India and the Middle East which has grown rapidly since its inception in 1989. The business has operated profitably in each of the last 10 years and achieved annual sales of $67 million in the year ended March 2010 with the average annual growth rate exceeding 25% for the past three years.