McCormick Enters Agreement to Acquire Kamis for $291M

McCormick & Company, Incorporated MKC today announced that it has signed an agreement to purchase 100% of the shares of Kamis S.A. Kamis is a privately held company based in Poland with distribution into Russia and other parts of Central and Eastern Europe. The completion of the agreement is expected to occur by September 2011 subject to regulatory approval. The purchase price for Kamis is approximately 830 million Polish zloty ($291 million in U.S. dollars) subject to certain closing adjustments. The transaction multiple is expected to be 12 to 13 times EBITDA.