McCormick buys 26 percent stake in Eastern CondimentsNovember 17th, 2010 - 8:40 pm ICT by IANS
Kochi, Nov 17 (IANS) Global leader in manufacture-marketing of spices, herbs and seasonings McCormick & Company has bought 26 percent stake in Eastern Condiments Private Limited (ECPL), a major Indian spices and seasonings dealer, for $36 million, a statement said Wednesday.
The partnership between the two brings into India the latest technology in spice supply chain management, manufacture and innovative new product platforms.
McCormick will also help ECPL grow in the authentic Indian cuisine segment in the US and other western markets, said an EPCL release here.
“Their global presence will accelerate our efforts to bring authentic products to Indian consumers in international locations as well as introduce other consumers to Indian cuisine. This is a partnership of two like-minded companies devoted to quality and serving the customer,” said ECPL chairman M.E. Meeran.
Alan D. Wilson, chairman, president and CEO of McCormick, said this partnership was an important element of the firm’s long-term strategy.
“Eastern has built a strong brand image and we look forward to working closely with them to drive differentiation and growth in India. They are rapidly expanding their geographic reach, as well as developing innovative and value-added new products,” said Wilson.
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