(RTTNews) - McCormick & Company Inc. (MKC) said that it has acquired 100% of the shares of FONA International, LLC and certain of its affiliates, a privately held company, for $710 million in cash.
McCormick said it will finance the transaction with cash and commercial paper.
McCormick expects the transaction to be neutral to adjusted earnings per share in 2021 and accretive in 2022, excluding transaction and integration costs.
FONA's annual sales are approximately $114 million and are expected to grow at a mid-to high-single- digit rate. Founded more than 30 years ago, FONA is an independent manufacturer of flavors. The business is headquartered in Illinois and has about 220 employees with a state-of-the art manufacturing and technical innovation center.
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