McCormick & Co. Inc. has agreed to acquire Polish spice and seasoning maker Kamis S.A. for $291 million, adding to a string of international expansion moves for the company, the Baltimore Business Journal reports.
The deal, subject to regulatory approval and expected to close by September, would extend McCormick’s presence into Central and Eastern Europe.
Kamis also is also a maker of mustards and other flavor products that are in high demand in Poland, McCormick CEO Alan D. Wilson said.
More than 33 percent of Poland’s consumers purchase seasonings at least every two weeks, Wilson said, and Kamis has been “growing sales at a mid-single digit rate.”
Kamis, considered a brand leader in Poland, has annual sales of $105 million. The company has a 45 percent share of the Poland spice and seasonings category, McCormick said in a statement released Tuesday.
“An important part of McCormick’s growth strategy is to expand our presence in emerging markets where consumers have an increasing demand for branded packaged foods and an increased interest in new flavors,” Wilson said in the statement.