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McCormick Completes Acquisition
Posted: May 11, 2006
McCormick & Co. (Sparks, MD) has announced that it has completed the acquisition of the remaining 49 percent share of Dessert Products International, S.A.S. (DPI) from Hero A.G. in exchange for its 50 percent interest in the Signature Brands, LLC joint venture. The initial agreement for these transactions was first announced on February 17, 2006. The company had acquired a 51 percent interest in the DPI business as part of the acquisition of the Ducros business in August 2000. As a result of this transaction, McCormick now has 100 percent ownership of DPI.
Of the acquisition, McCormick president and CEO Robert J. Lawless said, “This action is another step in McCormick’s plan to simplify its business and focus on those areas with strong growth potential. Vahine is the leading brand of dessert aids in France and other European countries. Since acquiring a 51 percent interest in this business in 2000, product innovation and expanded distribution have increased sales and net income more than 50 percent.”