JV for McCormick and Kohinoor Foods
McCormick has entered into a joint venture with Kohinoor Foods Ltd to market and sell basmati rice and food products in India.
September 16, 2011 | comments ( 0 ) |
McCormick has entered into a joint venture with Kohinoor Foods Ltd to market and sell basmati rice and food products in India. The venture was announced in June 2011 and will now be named as Kohinoor Specialty Foods India Private Ltd. McCormick invested Rs 520 crore ($113 million) in the deal and takes 85 per cent share in Kohinoor Specialty Foods.
Going ahead, McCormick will also bear approximately $4 million of fees and other costs in the fourth quarter of 2011 (related to the deal), which would reduce earnings by 3 cents per share.
However, McCormick expects the joint venture sales to be approximately $85 million in the first year, and will be accretive to McCormick’s earnings per share in 2012.
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