(Reuters) -McCormick said on Thursday it will raise its stake in its Mexico joint venture to 75% by acquiring 25% more for $750 million as the condiments maker seeks to expand further in Latin America.

Founded in 1947, the joint venture with Mexican food processing company Grupo Herdez has been a dominant player in the condiments and sauces segment of Latin America's second-largest economy.

McCormick de Mexico's portfolio consists primarily of mayonnaise, including its flagship McCormick Mayonesa con Jugo de Limones brand.

The deal is subject to customary closing and regulatory conditions, McCormick said.