Deals
French’s Deal Sets Up Epic Mustard Battle
- Investors concerned that company overpaid for Reckitt products
- Kraft Heinz has taken market share in mustard in recent years
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McCormick & Co.’s $4.2 billion deal to buy French’s mustard thrusts the spice company into direct competition with a far-larger rival: Kraft Heinz Co.
In acquiring French’s and other food products from Reckitt Benckiser Group Plc, McCormick is getting a business that’s been under more pressure in recent years. Long dominant in ketchup, Kraft Heinz has rolled out a yellow mustard in supermarkets and taken market share. Until now, McCormick has been best known in the U.S. for seasonings, such as Grill Mates and Old Bay.