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MTR close to buying eastern condiments

21 May 2020

 

Packaged foods maker MTR Foods is close to buying a controlling stake in Eastern Condiments, the Kerala-based spices and mixes maker, to get a larger footprint in the market for non-vegetarian spices, ready-to-cook foods and condiments, three officials with knowledge of the development said. Eastern Condiments is valued at ₹1,800-2,000 crore, one official said. MTR Foods, a subsidiary of Norwegian conglomerate Orkla, with revenue of almost ₹900 crore, makes and sells spices, condiments, ready-to-cook breakfast mixes and ready-to-eat meals, beverages and sweets.

 

The Meeran family, promoters of Eastern Condiments, hold 74% in the business and have been trying to sell their controlling stake for over a year. US-based spices, seasonings and mixes company McCormick & Co. holds 26% in Eastern Condiments, a stake acquired for $35 million in 2010. It’s not clear if McCormick plans to sell shares in Eastern. An MTR spokesperson said in an email response that the company does not comment on merger and acquisition activities in general.Packaged foods maker MTR Foods is close to buying a controlling stake in Eastern Condiments, the Kerala-based spices and mixes maker, to get a larger footprint in the market for non-vegetarian spices, ready-to-cook foods and condiments, three officials with knowledge of the development said.

 

Eastern Condiments is valued at ₹1,800-2,000 crore, one official said. MTR Foods, a subsidiary of Norwegian conglomerate Orkla, with revenue of almost ₹900 crore, makes and sells spices, condiments, ready-to-cook breakfast mixes and ready-to-eat meals, beverages and sweets. The Meeran family, promoters of Eastern Condiments, hold 74% in the business and have been trying to sell their controlling stake for over a year. US-based spices, seasonings and mixes company McCormick & Co. holds 26% in Eastern Condiments, a stake acquired for $35 million in 2010. It’s not clear if McCormick plans to sell shares in Eastern. An MTR spokesperson said in an email response that the company does not comment on merger and acquisition activities in general.

 

Source: https://economictimes.indiatimes.co

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