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Reckitt Benckiser sells food business to McCormick

The US owner of Schwartz herbs and spices has won the battle to acquire Reckitt Benckiser’s food business in a deal worth $4.2bn (£3.2bn). McCormick & Co saw off competition from consumer giant Unilever and Hormel Foods, the US owner of Spam, to buy the division. It includes French’s mustard as well as Franks’ RedHot and Cattlemen’s sauces. The deal will help Reckitt Benckiser pay off debt after buying baby formula maker Mead Johnson for $17.9bn. The chief executive of Reckitt Benckiser, Rakesh Kapoor, said: “Following the acquisition of Mead Johnson Nutrition, this transaction marks another step towards transforming RB into a global leader in consumer health and hygiene.”