Reckitt Benckiser (LON:RB) has sold its food division to the owner of US spice and herb giant Schwartz, in a deal worth $4.2 billion.

McCormick & Co won the bid to acquire Reckitt Benckiser’s business, which includes French’s mustard as well as Franks’ RedHot and Cattlemen’s sauces.

The deal was confirmed by Reckitt in a statement on Tuesday, and will go some way to alleviate the debt the company has been dealing with since it bought baby formula maker Mead Johnson for $17.9 billion.

The chief executive of Reckitt Benckiser, Rakesh Kapoor, said: “Following the acquisition of Mead Johnson Nutrition, this transaction marks another step towards transforming RB into a global leader in consumer health and hygiene.”

Shares in Reckitt Benckiser are currently up 1.68 percent at 7,943.00 (1053GMT).