FDBusiness.com

McCormick & Company, a global leader in spices, seasonings, specialty foods and flavours, has expanded its interests in India and the Middle East with the acquisition of a 26% minority stake in Eastern Condiments for $36m. Based in Kerala, India, Eastern is a leading brand of spices, seasonings and other related food products in India and the Middle East which has grown rapidly since its inception in 1989. The business has operated profitably in each of the last ten years and achieved annual sales of $67m in the year ended March 2010 with the average annual growth rate exceeding 25% for the past three years.

The deal marks the US-based group’s second joint venture in India, having entered the market in 1994.