The maker of Old Bay has a few new properties.

Sparks-based McCormick & Company acquired the food division of the British consumer goods titan Reckitt Benckiser for $4.2 billion. They make Frank's RedHot Sauce, French's Mustard and other condiment products.

The blockbuster deal shoots McCormick from the tenth largest condiment maker in the U.S. to one of the largest, company officials said. Frank's RedHot was already the top hot sauce brand in the U.S. and Canada, and French's was already the top mustard.

Reckitt's food business is headquartered in Chester, New Jersey. The company employs 450, including some 360 in Springfield, Missouri. McCormick has said it wants to strip out around $50 million in cost "synergies" after the takeover, the majority of which would be achieved by 2020.

“The acquisition of RB Foods strengthens McCormick’s flavor leadership with the addition of the iconic French’s and Frank’s RedHot brands to our portfolio, which will become our number two and number three brands, respectively,” McCormick president and CEO Lawrence E. Kurzius said in a statement. “RB Foods’ focus on creating products with simple, high-quality ingredients makes it a perfect match for McCormick as we continue to capitalize on the growing consumer interest in healthy, flavorful eating."

It's the latest in a string of big deals for McCormick. In December, the company bought Italian flavor manufacturer Enrico Giotti SpA. Last April, McCormick acquired Australia's Botanical Food Company, which makes the Gourmet Garden brand of packaged herbs.

Major U.S. food companies have been looking for ways to offset slow sales growth.

The deals have included acquisitions of smaller, faster-growing brands or merging with companies that allow for cost-cutting through the combination of manufacturing and distribution lines. The latter was one of the reasons cited for Heinz's acquisition of Kraft in 2015.

"McCormick's acquisition of Reckitt's food arm brings the company very close to Kraft Heinz's leadership position in sauces, dressings and condiments in the U.S., with now just two percentage point difference in share," said Lianne van den Bos, senior food analyst at Euromonitor International.

She said the deal offers "plenty of opportunities" for McCormick to get costs down and increase profits, "a key focus area for many multinationals this year especially within staple foods."

That said, she said the price seems "a hefty premium" for a business that generated $338 million worth of sales of sauces, dressings and condiments in 2016.

The market reaction suggests that investors think McCormick may have paid too-high a price. While Reckitt Beckinser's share price was up 1.6 percent at 79.34 pence in late trading in London, McCormick's share price was 5.4 percent lower to $91.90 in late morning trading in New York.