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Actionable news in MKC: MCCORMICK & COMPANY INCORPORATED NON-VTG CS,

McCormick to buy Reckitt Benckiser food unit

McCormick & Co. said it agreed to acquire Reckitt Benckiser Group PLC's food division, whose brands include French's mustard, for $4.2 billion, the latest in a wave of deal activity in the global packaged-foods sector.

The Sparks, Md., spice maker said late Tuesday it would integrate the U.K. consumer-goods company's RB Foods business -- whose other products include Frank's RedHot hot sauce and Cattlemen's barbecue sauce -- into its commercial and industrial segments.

The deal, which was confirmed by Reckitt in a statement, comes three months after the U.K. company put its food unit up for sale, and amid a flurry of M&A activity in an industry looking to cut costs amid slowing sales.

Many companies are trying to pivot to cope with a fiercely competitive market. Low inflation has made it difficult to raise prices to make up for sluggish sales...


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