Reckitt Benckiser has finalised the sale of its food division to McCormick, as agreed on July 18th 2017.
The $4.2 billion (3.25 billion pounds) deal sees McCormick take control of a number of high-profile brands such as Frank's RedHot, French's and Cattlemen's, and follows a comprehensive strategic review conducted by Reckitt Benckiser earlier this year.
“Reckitt Benckiser has completed the sale of its food division to McCormick, a move that will allow the company to increase its focus on consumer health.“
Employees of the Reckitt Benckiser foods business have transferred over to McCormick as part of the deal, which is expected to generate significant shareholder value for both companies.
For Reckitt Benckiser, the stated goal of the sale is to increase its focus on its core consumer health operations, while McCormick hopes to bolster its own growth potential by taking on these proven brands.
Commenting on the deal when it was agreed, Rakesh Kapoor, chief executive officer of Reckitt Benckiser, said: "This transaction marks another step towards transforming Reckitt Benckiser into a global leader in consumer health and hygiene, ensuring we continue to deliver for shareholders and give people innovative solutions for healthier lives and happier homes."
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