McCormick & Co. will pay $750m to become the majority shareholder in its venture with Grupo Herdez in Mexico, increasing its stake from 50% to 75%. The venture’s annual net sales are around $810m, focusing on mayo products like McCormick Mayonesa con Jugo de Limones. The company sees opportunities for growth in Mexico’s emerging market.

McCormick views Latin America as a “growth accelerator” and plans to scale operations and distribution across the region. Grupo Herdez will support McCormick with sales and distribution, while selling a portion of its shares in the venture to pursue other strategic opportunities. This move will allow Grupo Herdez to maintain its presence in the Mexican market.

The transaction between McCormick and Grupo Herdez will help both companies capitalize on growth opportunities in Mexico and Latin America. McCormick’s increased ownership in the venture will enhance its global flavor leadership and presence in condiments and sauces, while Grupo Herdez can focus on strategic initiatives and portfolio reconfiguration.

Read more at Yahoo Finance: McCormick buys majority of Herdez JV in Mexico