In an effort to expand its presence in the emerging economies of Western Europe, spice maker McCormick (NYSE:MKC) said Tuesday it has inked a deal to acquire privately-held Kamis for $291 million
The brand leader in Poland, Kamis makes spices, seasoning, mustards and other flavored products such as vinegar and margarine. The company, which booked sales last year of $105 million, holds about 45% market share of the spice and seasoning category in Poland, and a 30% share of mustards.
The management and employees of Kamis have built a strong business and we look forward to working with them to develop and launch new products in other categories, accelerate penetration of other Central and Eastern European markets and expand in the food service channel, McCormick CEO Alan Wilson said in a statement.
Outside of Poland, Kamis operates distribution facilities in Russia, Romania and Ukraine, and serves various other countries in the region. McCormick said an important part of its growth strategy is expanding into emerging markets.
Subject to customary closing conditions and regulatory approvals, the deal is slated to close by September.