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MTR Foods to acquire stakes in Eastern Condiments

Friday, 04 Sep 2020
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MTR Foods, the Bengaluru-based food products company and a wholly-owned subsidiary of the Norwegian Orkla Foods, is acquiring 67.8 percent in spices company Eastern Condiments. 
 
Orkla Foods, through MTR, has signed an agreement to purchase 41.8 percent ownership stake in Eastern Condiments and acquire the entire ownership stake held by McCormick Ingredients SE Asia which will give Orkla 67.8 percent ownership stake after completion of the transactions. 
 
The transaction will double Orkla Foods’ net sales in the fast-growing Indian market, and the combination of MTR Foods and Eastern Condiments will create a strong base for growth and value creation. 
 
Following the completion of these transactions, a merger application will be filed with the intention of merging Eastern Condiments into MTR Foods.
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