McCormick Completes Acquisition of Zatarain's
SPARKS, Md., Jun 4, 2003 /PRNewswire-FirstCall via COMTEX/ -- McCormick & Company, Incorporated (NYSE: MKC) today announced that it has completed the purchase of the Zatarain's business, the leading New Orleans-style food brand in the U.S., from Citigroup Venture Capital and other investors for $180 million in cash. On May 8, 2003, the Company announced that it had reached an agreement to acquire Zatarain's.
Robert J. Lawless, Chairman, President & CEO of McCormick, stated, "One avenue of growth at McCormick is through the acquisition of leading brands in key markets. We are pleased to add to our portfolio of products the Zatarain's brand, which delivers the fun and flavor of New Orleans to consumers. We will pursue further growth in the U.S. as well as in international markets and with food service customers. We welcome the Zatarain's employees to our team and look forward to working together to build this business."
About McCormick & Company, Incorporated
McCormick & Company, Incorporated is the global leader in the manufacture, marketing and distribution of spices, seasonings and flavors to the entire food industry - to foodservice and food processing businesses as well as to retail outlets. In addition, the packaging group manufactures and markets specialty plastic bottles and tubes for personal care and other industries. McCormick reported 2002 net sales of $2.3 billion. For more information about McCormick, visit the Company's website on the Internet at: www.mccormick.com.
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