McCormick to Buy Unilever's Lawry's for $605 Million

Spice maker McCormick said Wednesday it agreed to buy the Lawry's business from Unilever Group for $605 million in cash, in order to add wet marinades to its portfolio of dry spices.

The Lawry's business, which includes seasoning blends and marinades under the Lawry's and Adolph's brand names, has annual sales of about $150 million, mostly in the United States and Canada.

McCormick said the acquisition supports its long-term outlook to grow sales by 4 percent to 6 percent and should add to earnings immediately.