Reckitt to sell it's food business to McCormik for $4.2 billion

Image result for reckitt food businessThe British headquartered consumer company Reckit has agreed to sell its food business to McCormick for US $4.2 billion, Report published in Foxbusiness confirmed.

McCormick which is into spices and seasonings has been looking for an opportunity to expand in other markets. The deal will give McCormick the opportunity to make its presence in food business as well.

Last year it had approached Premier Foods, the owner of British food brands like Mr Kipling cakes and Oxo stock cubes, however it rejected the offer of 65 pence per share.

Fox news quoted Reckitt according to which the deal on a cash free, debt-free basis, and it would use the proceeds from the sale to reduce its debt.

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