SPARKS, Md. (AP) — Spice and seasonings maker McCormick & Co. is buying Polish spice company Kamis SA for about 830 million zloty ($291 million).
Privately held Kamis distributes in Russia and other parts of Central and Eastern Europe. McCormick said Tuesday that that deal will expand its reach in Western Europe into Poland as well as other markets in Central and Eastern Europe.
Aside from spices, Kamis makes seasonings, mustards, vinegars, sauces and marinades.
The transaction is subject to regulatory approvals, including anti-monopoly clearance in Poland, Russia and Ukraine.
McCormick said it will pay for the transaction with available cash and debt.
Acquisition-related costs are expected to lower McCormick's fiscal 2011 earnings by about 3 cents per share. The deal is estimated to add about 6 cents per share to McCormick's fiscal 2012 earnings.
Earlier this month McCormick said it was forming a joint venture with Kohinoor Foods Ltd. of India to market and sell its basmati rice and food products in that country.
McCormick is based in Sparks, Md.
