McCormick Makes Sweet Acquisition

McCormick & Company Inc. recently purchased the shares of Billy Bee Honey Products Ltd. for $75 million in cash.  Founded in 1958, Billy Bee Honey Products is Canada's largest honey business with a 60 percent share of branded honey sales to retailers in Canada. In recent years, Billy Bee has developed and marketed new products using honey, including mustard, sauces and salad dressings. Billy Bee also supplies an estimated 50 percent of the private-label honey sold to Canadian retailers and about half of the honey used as an ingredient by food manufacturers in Canada. Alan D. Wilson, president and CEO, McCormick & Co., states, "An important avenue of growth at McCormick is the acquisition of leading brands. In November 2007 we had exciting news with the announcement of our agreement to acquire the Lawry's business. Today's announcement of the Billy Bee acquisition reflects our continued commitment to our acquisition strategy." The acquisition is expected to be immediately accretive to earnings.