U.S. spices maker McCormick & Co (MKC.V) has agreed to buy Reckitt Benckiser Group’s (RBGPF, +0.15%) food business for a higher-than-expected $4.2 billion to give it a wider variety of seasonings and sauces.
London-listed Reckitt said in April it was reviewing options for the unit, which includes French’s mustard and Frank’s RedHot sauce, to cut its debt following the $16.6 billion purchase of baby formula maker Mead Johnson. That acquisition added a new product line and boosted its business in developing markets and the United States.
