McCormick Completes Investment in Eastern Condiments Private Limited Based in Kerala, India
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.
Nov 8 2010 --- McCormick & Company, Incorporated has completed the purchase of a 26% minority share in Eastern Condiments Private Limited, a leading 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. As indicated in this announcement, 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.
Eastern Condiments Private Limited is a leader in spices, seasonings and specialty foods with distribution in India as well as selected international markets.
