Food
McCormick Buys Asian Food Seller
TSC Staff
06/08/06 - 05:21 PM EDT
McCormick (MKC Quote) signed a definitive agreement to buy Asian food seller Epicurean International for $97 million in cash.
Epicurean International develops, imports and markets a line of authentic Asian products under the Thai Kitchen and Simply Asia brands.
Annual sales are $50 million and have grown at a 32% compound annual rate since 2002, McCormick said, adding that it expects the deal to add to earnings. The company pegged the buy at 11 times earnings before interest, taxes, depreciation and amortization.
Shares fell 46 cents Thursday to $33.20.