Dive Brief:
- Seasons' greetings: McCormick has entered into an agreement to purchase private Italian company Drogheria & Alimentari (D&A).
- "As a supplier of both brand and private label products, D&A has approximately one third of the spice and seasoning category in Italy and exports its products to 60 other countries," McCormick's chairman and CEO Alan Wilson said in a statement. "We anticipate strong growth for these premium products, particularly in the U.S. and key international markets where consumers are seeking unique and authentic ethnic flavors."
- Pending the regulatory OK, the agreement's close is forecast to come in May.
Dive Insight:
McCormick saw sales upticks in its fourth quarter and for fiscal year 2014, so this forthcoming acquisition looks like a continued positive for the company. Its 2015 outlook included a mention of acquisition expectations.