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McCormick to buy Drogheria & Alimentari for $97 million
McCormick & Co. has acquired Italian company Drogheria & Alimentari in a $97 million deal, the Sparks-based spice maker announced Friday morning.
The company said the addition will expand McCormick‘s presence in Europe with a “strong foothold” in Italy.
“We are pleased to expand our portfolio of leading brands around the world with the addition of Drogheria & Alimentari. As a supplier of both brand and private label products, D&A has approximately one third of the spice and seasoning category in Italy and exports its products to 60 other countries,” said Alan Wilson, chairman and CEO of McCormick, in a statement. “We anticipate strong growth for these premium products, particularly in the U.S. and key international markets where consumers are seeking unique and authentic ethnic flavors. The owners and employees of D&A have built a great business and we look forward to working with them to achieve continued success.”
D&A was founded in 1880 and has about 120 employees, with a manufacturing facility in Florence, Italy. Its annual sales — 20 percent of which come from exports — are about $57 million.
McCormick will work with the business’ current owners with a goal of growing sales at a mid-single digit rate. The deal is set to close in May.
