Del Monte Pacific Limited said Thursday US-based subsidiary Del Monte Food Inc. acquired the Kitchen Basics brand of ready-to-use stock and broth from McCormick & Company for $99 million.
DMPL said in a disclosure to the stock exchange Del Monte Food Inc.’s acquisition of Kitchen Basics took effect on Aug. 3. Kitchen Basics has an extensive portfolio of conventional and organic stocks and broths in varieties including traditional chicken and beef as well as newer items such as creamy bean and vegetable.
“Del Monte Foods has gone through a positive transformation over the past five years, and we have become a leading innovative CPG [consumer packaged goods] growth company,” said DMFI president and chief executive Greg Longstreet.
“As we plan for the next decade of growth, we’re committed to strengthening our branded product portfolio to meet consumers’ changing needs. The acquisition of Kitchen Basics will enable us to leverage synergies across our business to scale our broth and stock portfolio across North America,” Longstreet said.