DEL Monte Pacific Ltd. said its US subsidiary has acquired the maker of ready-to-use stock and broth products Kitchen Basics from McCormick & Company for $99 million.
Its US subsidiary Del Monte Food Inc.’s acquisition deal took effect on Aug. 3, the company said in a disclosure to the stock exchange.
Kitchen Basics will join the company’s portfolio as part of its plans to expand its retail presence in the category.
The shift in consumer preference towards home meal preparation and health and wellness has driven the demand for broth and stocks in the last 2 years, Del Monte Foods chief marketing officer Bibie Wu said.