McCormick Enters Agreement To Acquire Wuhan Asia-Pacific Condiments for $141M
McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today announced that it has signed an agreement to purchase 100% of the assets of Wuhan Asia-Pacific Condiments Co., Ltd. (WAPC), a privately held company based in China. The completion of the agreement is expected to occur in mid-2013 subject to regulatory approval. WAPC manufactures and markets the well-known DaQiao and ChuShiLe brand bouillon products, which have a leading position in the central region of China. These products complement McCormick's current portfolio of flavor products in China that include spices, seasoning blends and sauces. Annual sales of WAPC's business are approximately Rmb 730 million (approximately $115 million in U.S. dollars). McCormick has agreed to acquire the company for approximately Rmb 900 million (approximately $141 million in U.S. dollars).
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.