SPARKS, Md. (AP) -- Spice maker McCormick & Co. Inc. said Wednesday the Federal Trade Commission has given conditional approval to its $604 million buyout of marinade and seasoning maker Lawry's.
According to the terms of the approval, McCormick said it will have to sell its Season-All business.
The company said it has entered into a definitive agreement to sell the business to the Morton Salt Group, part of Morton International, for $15 million in cash. Sales of Season-All products are worth about $18 million a year.
McCormick said in a news release it expects to complete the Lawry's acquisition from consumer products maker Unilever in coming days. The deal was first announced in November.
The conditional approval is subject to a 30-day public comment period. After that the FTC may propose other changes before final approval is made.
But McCormick said it would be free to close the acquisition before the end of the comment period.
McCormick said it would provide further details about the sale to Morton International and growth plans for the Lawry's business after the transaction is completed.
Shares of McCormick rose 86 cents, or 2.2 percent, to $40.79 in early morning trading Wednesday.
