McCormick & Company, Incorporated (NYSE: MKC) said last week it will no longer pursue an acquisition of UK-based Premier Foods. Instead, the company announced on Tuesday it has entered into an agreement to acquire Botanical Food Company.
Botanical Food Company, based in Australia, is a global market leader in chilled convenient packaged herbs. McCormick has agreed to acquire 100 percent of the company for 150 million Australian dollars, or approximately $114 million.
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McCormick expects to see continued double-digit sales growth for the next few years from its newly acquired business through expanded distribution, increased brand marketing and greater household penetration.
McCormick expects the acquisition to be fully accretive in 2017 with no impact to its earnings per share in 2016.
Lawrence E. Kurzius, President and Chief Executive Officer, stated, "We are pleased to expand our portfolio of leading brands around the world with the addition of Gourmet Garden. As a global market leader in chilled convenient packaged herbs, Gourmet Garden exports its products to 15 countries with the largest market being the United States. We anticipate strong growth for these products, particularly in the U.S. and key international markets where consumers appreciate the value and accessibility of cooking with a more convenient flavoring alternative. The Gourmet Garden brand offers a more convenient alternative to consumers who currently buy fresh herbs. The owners and employees of Gourmet Garden have built a great business, and we look forward to working with them to achieve continued success."
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.