McCormick to acquire Polish rival Kamis for $291 million
29 Jun 2011
McCormick & Co, the world's largest spice company yesterday agreed to buy Polish peer Kamis S.A. for about 830 million Polish zloty ($291 million) in cash in order to expand in the European market.
Founded in 1991, privately-held Kamis is a brand leader in spices, seasonings, mustards and other flavour products in Poland.
The Warsaw-based company holds around 45-per cent share of Poland's spice and seasoning market and 30 per cent of the mustard market. Its business has expanded beyond Poland with distribution subsidiaries in Russia, Romania and Ukraine, and exports into a number of other Central and Eastern Europe countries.
In addition, Kamis has expanded its business beyond spices, seasonings and mustards into a number of other flavour products including vinegars, sauces, marinades and tea production and distribution.
The Warsaw-based company, which has around 1,250 employees and annual sales of about $105 million (300 million Polish zloty, has customers that include traditional grocery, supermarkets, hypermarkets and discount retailers, with a smaller portion of sales to restaurants, other food service operators and packaged food manufacturers.
Malcolm Swift, president McCormick Europe, Middle East and Africa said, "This acquisition complements McCormick's strong brands in the UK, France and other parts of Western Europe, as well as its recently announced joint venture in Turkey.''