McCormick Buys Stake in India Spice Company
June 29, 2010
McCormick & Co. will buy a minority stake in Eastern Condiments Private Ltd. of India for $35 million, the spice company said reports the Associated Press. McCormick is taking a 26 percent stake. The agreement is McCormick''s second joint venture in India. The company also has a 50 percent interest in India-based AVT McCormick Ingredients Private Ltd. Almost every industry, from energy to technology, has placed new investments in places like India and China, where the economic rebound has far outpaced that of the West. The McCormick deal is expected to close in the fourth quarter.