McCormick and Co (MKC)

McCORMICK REPORTS STRONG SECOND QUARTER PERFORMANCE AND REAFFIRMS 2026 OUTLOOKJune 25, 2026 6:30 AM
PR Newswire (US) HUNT VALLEY, Md., June 25, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the second quarter ended May 31, 2026 and reaffirmed its outlook for fiscal 2026. Net Sales increased 16.7% in the second quarter and included a 2.7% favorable impact from currency. Organic sales growth was 1.7%.Operating income was $276 million in the second quarter compared to $246 million in the year-ago period. Adjusted operating income was $336 million compared to $259 million in the year-ago period.Earnings per share was $0.56 in the second quarter as compared to $0.65 in the year-ago period. Adjusted earnings per share was $0.80 as compared to $0.69 in the year-ago period.For fiscal year 2026, McCormick reaffirmed its sales growth, adjusted operating income and adjusted earnings per share outlook.McCormick is making strong progress on integration planning for the proposed Unilever Foods combination and remains confident in delivering the expected strategic and financial benefits, including significant earnings per share accretion.Chairman, President, and CEO's Remarks Brendan M. Foley, Chairman, President, and CEO, stated, "Second quarter results demonstrate the continued strength and resilience of our business in a dynamic operating environment. Total organic growth was driven by accelerated momentum in Flavor Solutions, with gains across Flavors and Branded Foodservice customers, highlighting the benefits of our diversified flavor focused portfolio. We also effectively managed elevated inflation and incremental costs related to the Middle East conflict through productivity initiatives and cost savings programs, resulting in underlying margin improvement for the quarter. In addition, our performance was supported by accretion from the McCormick de Mexico acquisition."We are also advancing integration planning for the proposed combination with Unilever Foods. This transformative combination accelerates our growth strategy and reinforces our continued focus on flavor. It creates a diversified flavor leader with a robust growth profile that remains differentiated by its focus on flavoring calories while others compete for them. Our teams are working with focus and discipline to ensure we are well positioned to realize the anticipated strategic and financial benefits after the close."Looking ahead to the rest of the year, we expect to sustain the momentum in Flavor Solutions and increase reinvestment to improve Consumer volume trends and organic sales. Our enhanced margin profile and operational rigor position us well to deliver a virtuous cycle of growth through continued investment in our brands, capabilities, and innovation that drive long-term value creation. Our fundamentals remain strong, supported by our advantaged categories and disciplined execution, giving us confidence in our ability to deliver on our 2026 outlook.""Finally, I want to recognize the dedication of our employees. Their continued commitment to serving consumers, customers, and one another reflects the strength of our Power of People culture and supports our sustained performance. I appreciate our teams' focus and collaboration across the business as they advance our priorities, including the ongoing integration planning for the proposed combination with Unilever Foods. Our strong culture will remain our foundation, as we build a future-ready organization to drive our long-term growth."Second Quarter 2026 ResultsSales Metrics
Second Quarter 2026
As Reported
Organic(1)
Acquisition
Constant
Currency
% Change
Volume/
MixPrice% Change
% Change
% ChangeTotal Net Sales16.7 %
(0.5) %2.2 %1.7 %
12.3 %
14.0 %









Total Consumer22.8 %
(1.9) %2.7 %0.8 %
19.6 %
20.4 %Americas28.0 %
(3.6) %3.4 %(0.2) %
27.9 %
27.7 %EMEA10.7 %
1.9 %1.4 %3.3 %
— %
3.3 %APAC10.0 %
2.4 %0.5 %2.9 %
— %
2.9 %









Total Flavor Solutions     8.9 %
1.4 %1.5 %2.9 %
3.0 %
5.9 %Americas10.0 %
2.1 %1.8 %3.9 %
4.2 %
8.1 %EMEA5.4 %
(1.2) %1.6 %0.4 %
— %
0.4 %APAC7.5 %
0.8 %(0.6) %0.2 %
— %
0.2 %
(1) Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.Profitability Metrics
Second Quarter 2026(in millions except per share data)As Reported
Adjusted
Q2 2026vs. 2025
Q2 2026vs. 2025Gross profit$  778.225.0 %
$  778.225.0 %Gross profit margin40.2 %270 bps
40.2 %270 bps





Operating income$  276.412.4 %
$  336.430.1 %Operating income margin14.3 % (50) bps
17.4 %180 bps





Net income attributable to McCormick     $  150.1(14.2) %
$  215.916.8 %





Earnings per share - diluted$    0.56(13.8) %
$    0.8015.9 %Second Quarter 2026 ResultsNet sales increased 17% in the second quarter compared to the year-ago period and included a 3% favorable impact from currency. Sales from McCormick de Mexico contributed 12% to the sales increase. Organic sales increased 2%, driven by price.Consumer segment net sales increased 23% from the second quarter of 2025 to $1,143 million including a 20% contribution from McCormick de Mexico and a 2% favorable impact from currency. Organic sales increased 1%, driven by a 3% increase from price partially offset by a 2% decline in volume and product mix.Flavor Solutions segment net sales increased 9% from the second quarter of 2025 to $794 million and included a 3% favorable impact from currency and 3% contribution from McCormick de Mexico. Organic sales increased 3%, driven nearly equally by both price and volume and product mix.Gross profit for the second quarter increased by $155 million from the comparable period in 2025. Gross profit margin expanded 270 basis points versus the second quarter of last year. The expansion was driven by contribution from the acquisition of McCormick de Mexico, the impact of the IEEPA tariff refund, pricing, and cost savings led by the Company's Comprehensive Continuous Improvement (CCI) program, partially offset by higher commodity costs and costs related to the Middle East conflict.The IEEPA tariff refund reduced costs of goods sold by $28 million, reversing IEEPA tariff costs the business absorbed in prior periods. For the second quarter of 2026, the refund contributed approximately 140 basis points to gross profit margin expansion for the second quarter. Underlying gross profit margin expansion was 130 basis points for the quarter.Operating income was $276 million in the second quarter of 2026 compared to $246 million in the second quarter of 2025. Excluding special charges, adjusted operating income was $336 million compared to $259 million in the year-ago period. Adjusted operating income increased 30% from the year-ago period, including a 3% favorable impact from currency. In constant currency, adjusted operating income increased 27% driven by higher gross profit, cost savings led by the CCI program, including selling, general and administrative (SG&A) streamlining initiatives, partially offset by higher SG&A expenses primarily due to acquisition related increase, as well as increased brand marketing investments and technology investments.Consumer segment operating income, excluding special charges, increased 33% in the second quarter of 2026 compared to the year-ago period to $217 million, or 31% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in brand marketing and technology.Flavor Solutions segment operating income, excluding special charges, increased 26% in the second quarter of 2026 compared to the year-ago period to $120 million, or 22% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in technology.Earnings per share was $0.56 in the second quarter of 2026 compared to $0.65 in the second quarter of 2025. Special charges, including transaction and integration costs, lowered diluted earnings per share by $0.24. Excluding special charges adjusted earnings per share was $0.80 in the second quarter of 2026 compared to $0.69 in the second quarter of 2025. The increase was primarily attributable to higher adjusted operating income and a lower adjusted effective tax rate, partially offset by lower unconsolidated income and higher interest expense.Fiscal Year 2026 Financial Outlook McCormick's fiscal 2026 outlook continues to reflect the Company's prioritized investments in key categories to sustain its volume trends and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies and the conflict in the Middle East. The Company's CCI program is continuing to fuel growth investments while also driving operating margin expansion. Lastly, the outlook reflects meaningful contributions from the acquisition of a controlling interest in McCormick de Mexico, which closed on January 2, 2026.
Current Guide(1)June 2026
ReportedConstant
CurrencyNet sales growth13% to 17%12% to 16%Contribution from acquisition of McCormick de Mexico11% to 13%11%to 13%Organic sales growth(2)---1% to 3%Adjusted operating income16% to 20%15% to 19%Adjusted Earnings per share (EPS)$3.05 to $3.132% to 5%1% to 4%

(1)Amounts are rounded with percentages calculated from the underlying amounts(2)Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.Current Guide - Expectations Net Sales:Sustained total volume growth and increased pricing benefits relative to the prior year.Adjusted Operating Income:Adjusted gross margin is now expected to expand by 100 to 120 basis points from 2025. Favorable impacts from organic sales growth, McCormick de Mexico accretion, and the Company's CCI program.The benefit of the IEEPA tariff refund will be offset with increased inflationary costs, including costs related to the Middle East conflict, as well as continued investments in business growth.SG&A expenses impacted by cost headwinds including digital transformation and build back of incentive compensation, as well as growth investments. In addition, SG&A is expected to benefit from the Company's CCI program, inclusive of streamlining initiatives.Adjusted Earnings per Share:Adjusted operating income growth partially offset by:Tax rate of approximately 24.0% vs. 21.5% in 2025.Higher net interest expense, primarily associated with the McCormick de Mexico transaction.Income from unconsolidated operations no longer reflects ownership interest in McCormick de Mexico subsequent to the January 2026 acquisition.The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results in the Company's financial statements from the date of acquisition. Income attributable to noncontrolling interest reflects elimination of the 25% minority interest in McCormick de Mexico Net Income attributable to Grupo Herdez.The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.For fiscal 2026, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.The Company's outlook for 2026 adjusted operating income and adjusted earnings per share are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results. The Company does not provide guidance on a GAAP basis as it cannot predict certain items included in GAAP results such as special charges, including transaction and integration expenses.McCormick Combination with Unilever FoodsIn March 2026, the Company announced the agreement to combine McCormick with Unilever's Foods business, excluding India and other excluded businesses1 to create a preeminent global flavor-focused company operating in attractive, high-growth categories, with approximately $20 billion in fiscal year 2025 revenue2 and a 21% operating margin and strong cash flow generation. The transaction is expected to be accretive to McCormick's net sales growth rate, operating margin, and adjusted EPS with mid- to high-single-digit adjusted EPS accretion anticipated within the first twelve months post-close and mid-to high-teens accretion expected in Year 3.The combined company is expected to realize approximately $600 million of annual run rate cost synergies net of growth reinvestments, and incremental cost and revenue synergies of $100 million that will be reinvested to further drive growth. Integration planning, led by experienced McCormick and Unilever Foods personnel, is currently underway to deliver these synergies.The Company expects to reach several key transaction milestones in the coming months. It expects to announce the location of a secondary listing on a European exchange by the end of July 2026. By the end of September 2026, the Company expects to share further detail on the operating model, cost and growth synergies, and the scope of the Transition Services Agreement (TSA). Lastly, the Company will provide an update on the two parallel workstreams to support separation of financial reports and regulatory filings.1 Transaction excludes Unilever's food business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, the "Excluded Businesses").
2 Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, and Unilever Foods' net sales for the fiscal year ended December 31, 2025. Unilever Foods' financials based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124.Non-GAAP Financial MeasuresThe following tables include financial measures of organic net sales, adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted diluted earnings per share. These represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting principles. These financial measures exclude the impact, as applicable, of the following:Special charges - Special charges consist of expenses and income associated with certain actions undertaken by us to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Expenses associated with the approved actions are classified as special charges upon recognition and monitored on an ongoing basis through completion. Included in special charges are transaction and integration costs incurred in conjunction with acquisitions.Gain on remeasurement of previously held equity interest - On January 2, 2026, we completed the acquisition of an additional 25% ownership interest in McCormick de Mexico which increased our ownership to a 75% controlling interest. Prior to the acquisition of the additional ownership interest, we accounted for our 50% ownership interest as an equity method investment. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results. As a result of the consolidation, the carrying value of our previously held 50% ownership interest was remeasured to fair value resulting in a gain.We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP; however, they should not be viewed as a substitute for, or superior to, GAAP results. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, as they may calculate them differently than we do. We intend to continue providing these non-GAAP financial measures as part of our future earnings discussions, ensuring consistency in our financial reporting.A reconciliation of these non-GAAP financial measures to the related GAAP financial measures follows:(in millions except per share data)Three Months Ended
Six Months Ended
5/31/2026
5/31/2025
5/31/2026
5/31/2025Gross profit$       778.2
$       622.8
$    1,487.1
$    1,226.8Impact of Special charges included in     
cost of goods sold—
—
15.0
—Adjusted gross profit$       778.2
$       622.8
$    1,502.1
$    1,226.8Gross profit margin(1)40.2 %
37.5 %
39.0 %
37.6 %Impact of Special charges(1)— %
— %
0.4 %
— %Adjusted gross profit margin(1)40.2 %
37.5 %
39.4 %
37.6 %







Operating income$       276.4
$       245.8
$       503.9
$       471.0Impact of Special charges60.0
12.8
100.1
12.8Adjusted operating income336.4
258.6
604.0
483.8Operating income margin(2)14.3 %
14.8 %
13.2 %
14.4 %Impact of Special charges(2)3.1 %
0.8 %
2.7 %
0.4 %Adjusted operating income margin(2)17.4 %
15.6 %
15.9 %
14.8 %







Income tax expense$        63.5
$        49.3
$       112.2
$        90.9Impact of Special charges1.0
3.0
10.9
3.0Adjusted income tax expense$        64.5
$        52.3
$       123.1
$        93.9Income tax rate(3)28.8 %
24.1 %
27.7 %
23.2 %Impact of Special charges (6.3) %
— %
(3.7) %
— %Adjusted income tax rate(3)22.5 %
24.1 %
24.0 %
23.2 %







Net income attributable to McCormick
& Company$       150.1
$       175.0
$    1,166.3
$       337.3Impact of Special charges, net of non-
controlling interest(4)(5)65.8
9.8
93.3
9.8Gain on remeasurement of previously
held equity interest—
—
(866.8)
—Adjusted net income $       215.9
$       184.8
$       392.8
$       347.1







Earnings per share – diluted$        0.56
$        0.65
$        4.33
$        1.25Impact of Special charges0.24
0.04
0.35
0.04Gain on remeasurement of previously
held equity interest—
—
(3.22)
—Adjusted earnings per share – diluted$        0.80
$        0.69
$        1.46
$        1.29

(1)Gross profit margin, impact of special charges, and adjusted gross profit margin are calculated as gross profit, impact of special charges, and adjusted gross profit as a percentage of net sales for each period presented. The impact of special charges included in cost of goods sold represents the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.(2)Operating income margin, impact of special charges, and adjusted operating income margin are calculated as operating income, impact of special charges, and adjusted operating income as a percentage of net sales for each period presented.(3)Income tax rate is calculated as income tax expense as a percentage of income from consolidated operations before income taxes. Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before income taxes excluding special charges of $287.0 million and $217.4 million for the three months ended May 31, 2026 and 2025, respectively, and $512.1 million and $403.9 million for the six months ended May 31, 2026 and 2025, respectively. (4)The impact of special charges, net of noncontrolling interests, for six months ended May 31, 2026 includes a $2.6 million non-controlling interest effect associated with the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.(5)The impact of special charges, net of noncontrolling interests, for three and six months ended May 31, 2026 includes a net income impact of $5.2 million related to transaction expenses included in interest expense.Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes can be volatile. The exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed "on a constant currency basis," is a non-GAAP measure. We believe that this non-GAAP measure provides additional information that enables enhanced comparison to prior periods excluding the translation effects of changes in rates of foreign currency exchange and provides additional insight into the underlying performance of our operations located outside of the U.S. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions denominated in other than the local currency of any of our subsidiaries in their local currency reported results).We provide organic net sales growth rates for our consolidated net sales and segment net sales. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, and divestitures, as applicable, have on year-to-year comparability. A reconciliation of these measures from reported net sales growth rates, the relevant GAAP measures, are included in the tables set forth below.Percentage changes in sales and adjusted operating income expressed on a constant currency basis are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual average exchange rates in effect during the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the comparative year.Rates of constant currency and organic growth (decline) follow:
Three Months Ended May 31, 2026
Percentage
change as
reportedImpact of
foreign
currency
exchangePercentage
change on
constant
currency
basisImpact of
acquisitionPercentage
change on an
organic basisTotal Net Sales16.7 %2.7 %14.0 %12.3 %1.7 %





Total Consumer22.8 %2.4 %20.4 %19.6 %0.8 %Americas28.0 %0.3 %27.7 %27.9 %(0.2) %EMEA10.7 %7.4 %3.3 %— %3.3 %APAC10.0 %7.1 %2.9 %— %2.9 %





Total Flavor Solutions     8.9 %3.0 %5.9 %3.0 %2.9 %Americas10.0 %1.9 %8.1 %4.2 %3.9 %EMEA5.4 %5.0 %0.4 %— %0.4 %APAC7.5 %7.3 %0.2 %— %0.2 % 
Six Months Ended May 31, 2026
Percentage
change as
reportedImpact of
foreign
currency
exchangePercentage
change on
constant
currency
basisImpact of
acquisitionPercentage
change on an
organic basisTotal Net Sales16.7 %2.9 %13.8 %12.4 %1.4 %





Total Consumer23.7 %2.7 %21.0 %19.7 %1.3 %Americas29.1 %0.3 %28.8 %28.4 %0.4 %EMEA13.1 %9.6 %3.5 %— %3.5 %APAC8.0 %5.5 %2.5 %— %2.5 %





Total Flavor Solutions     7.6 %3.2 %4.4 %2.7 %1.7 %Americas8.1 %1.9 %6.2 %3.8 %2.4 %EMEA6.3 %6.4 %(0.1) %— %(0.1) %APAC6.3 %6.0 %0.3 %— %0.3 %   

Three Months Ended May 31, 2026

Percentage change
as reported
Impact of foreign
currency exchange
Percentage change on
constant currency
basisAdjusted operating income:





Consumer segment
32.6 %
1.9 %
30.7 %Flavor Solutions segment
25.8 %
4.4 %
21.4 %Total adjusted operating income     
30.1 %
2.8 %
27.3 %




Six Months Ended May 31, 2026

Percentage change
as reported
Impact of foreign
currency exchange
Percentage change on
constant currency
basisAdjusted operating income:





Consumer segment
27.8 %
1.9 %
25.9 %Flavor Solutions segment
19.6 %
4.5 %
15.1 %Total adjusted operating income     
24.8 %
2.8 %
22.0 %To present the percentage change in projected 2026 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected local currency net sales, adjusted operating income, and adjusted net income for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at forecasted exchange rates. These figures are then compared to the 2025 local currency projected results, which are translated into U.S. dollars at the average actual exchange rates in effect during the corresponding months of fiscal year 2025. This comparison determines what the 2025 consolidated U.S. dollar net sales, adjusted operating income, and adjusted earnings per share (diluted) would have been if the relevant currency exchange rates had not changed from those of the comparable 2025 periods.
Projections for the Year Ending
November 30, 2026Percentage change in net sales13% to 17%Impact of favorable foreign currency exchange1 %Percentage change in net sales in constant currency12% to 16%Impact of acquisition11% to 13%Percentage change in organic net sales1% to 3%





Percentage change in adjusted operating income16% to 20%Impact of favorable foreign currency exchange1 %Percentage change in adjusted operating income in constant
currency15% to 19%





Percentage change in adjusted earnings per share - diluted2% to 5%Impact of favorable foreign currency exchange1 %Percentage change in adjusted earnings per share in constant     
currency - diluted1% to 4%Live WebcastAs previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. ET. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website, ir.mccormick.com.Forward-Looking Information Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, including transaction and integration expenses, mergers, acquisitions, brand marketing support, volume and product mix, income tax expense, tariff-related matters, and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe," "plan," and similar expressions. These statements may relate to: the anticipated benefits and timing of, and our plans, strategies and objectives relating to, the pending transaction with Unilever Foods, including: due to the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the pending transaction, including changes in relevant tax and other applicable laws; the failure to obtain necessary regulatory approvals, approval of our shareholders, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the pending transaction; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could impact the value or expected benefit of, timing or pursuit of the pending transaction; the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods business prior to closing, including the anticipated timing required to complete the separation, any adjustment to the terms of the separation and any changes to the configuration of the businesses included in the separation if implemented; the financing of the pending transaction, including with respect to the Bridge Facility, the Term Loan Facility, and any other subsequent financing; the effectiveness of a registration statement on Form S-4 and our receipt of shareholder approval for the pending transaction and certain related matters; the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the pending transaction; the effect of the announcement or pendency of the pending transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results; the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the pending transaction; the ability of McCormick to manage additional debt and successfully de-lever following the transaction; general economic and industry conditions, including consumer spending rates, recessions, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact of brand marketing support, product innovation, and customer, channel, category, heat platform, and e-commerce expansion; the expected results of operations of businesses acquired, including the additional 25% ownership interest in McCormick de Mexico; expected trends in net sales, earnings performance, and other financial measures; the expected impact of pricing actions on the Company's results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the anticipated effects of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources such as raw materials, packaging, labor, and transportation; the potential impact of trade policies, including tariffs; the potential impact of legal challenges to U.S. tariffs, tariff refunds, and the timing and anticipated benefits thereof; the expected impact of productivity improvements, including those associated with our CCI program and the Global Business Services operating model initiative; the ability to identify, attract, hire, retain, and develop qualified personnel and the next generation of leaders; the impact of ongoing or future geopolitical conflicts, including those between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption, in particular related to fuel and freight prices; expected working capital improvements; the anticipated timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; the expected impact of accounting pronouncements; expectations regarding pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable payments of interest, repayment of short- and long-term debt, working capital needs, planned capital expenditures, quarterly dividends, and our ability to obtain additional short- and long-term financing or issue additional debt securities; and expectations regarding purchasing shares of McCormick's common stock under the existing repurchase authorization.These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: the Company's ability to drive revenue growth; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to offset cost pressures or business impacts related to trade policies such as tariffs, including relating to tariff refunds; the Company's ability to drive productivity improvements, including those related to our CCI program and other streamlining actions; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of changing political and geopolitical conditions, including the ongoing conflicts between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses; global economic and financial conditions generally, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of our amount of outstanding indebtedness and related level of debt service as well as the effects that such debt service may have on the Company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the Company's information technology systems, including the threat of data breaches and cyber-attacks; the Company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, and volatility in our effective tax rate; climate change; Environmental, Social and Governance (ESG) matters; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the Company's inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; risks related to the pending transaction with Unilever Foods, including: direct transaction costs and substantial transition and integration-related costs associated with the pending transaction; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction, and the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; the failure to obtain necessary regulatory approvals, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the transaction; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could adversely impact the value or expected benefit of, timing or pursuit of the transaction; the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business prior to closing; uncertainties as to access to available financing to consummate the transaction upon acceptable terms and on a timely basis or at all; the failure to obtain the effectiveness of a registration statement on Form S-4 or our receipt of shareholder approval for the transaction; the effect of the announcement or pendency of the transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of Unilever Foods or McCormick; the ability of Unilever Foods or McCormick to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the transaction; the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the transaction; the ability of McCormick to manage additional debt and successfully de-lever following the transaction; the outcome of any legal proceedings that may be instituted against Unilever Foods or McCormick related to the transaction; and other risks as described herein under Part II, Item 1A "Risk Factors—Risks Relating to the Proposed Transaction"; and other risks described in the Company's filings with the Securities and Exchange Commission.Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:
Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Jill Marvin – jill_marvin@mccormick.com(Financial tables follow) Second Quarter Report
McCormick & Company, Incorporated











Consolidated Income Statement (Unaudited)










(in millions except per share data)












Three months ended

Six months ended

May 31, 2026

May 31, 2025

May 31, 2026

May 31, 2025Net sales
$       1,936.6

$       1,659.5

$      3,810.5

$        3,265.0Cost of goods sold
1,158.4

1,036.7

2,323.4

2,038.2Gross profit
778.2

622.8

1,487.1

1,226.8Selling, general and administrative expense
441.8

364.2

898.1

743.0Special charges
60.0

12.8

85.1

12.8Operating income
276.4

245.8

503.9

471.0Interest expense
62.7

51.0

110.0

99.5Other income, net
6.5

9.8

11.3

19.6Income from consolidated operations before income taxes
220.2

204.6

405.2

391.1Income tax expense
63.5

49.3

112.2

90.9Net income from consolidated operations
156.7

155.3

293.0

300.2Income from unconsolidated operations
3.5

20.7

889.5

39.2Net income
160.2

176.0

1,182.5

339.4Net income attributable to noncontrolling interests
10.1

1.0

16.2

2.1Net income attributable to McCormick & Company
$         150.1

$          175.0

$      1,166.3

$          337.3Earnings per share – basic
$           0.56

$           0.65

$          4.34

$           1.26Earnings per share – diluted
$           0.56

$           0.65

$          4.33

$           1.25Average shares outstanding – basic
269.2

268.6

269.0

268.5Average shares outstanding – diluted
269.2

269.4

269.3

269.5Cash dividends paid per share – voting and non-voting
$           0.48

$           0.45

$          0.96

$           0.90 Second Quarter ReportMcCormick & Company, Incorporated




Consolidated Balance Sheet (Unaudited)



(in millions)





May 31, 2026
November 30,
2025ASSETS



Cash and cash equivalents
$                 331.2
$                    95.9Trade accounts receivable, net of allowances
709.4
628.9Inventories, net
1,408.6
1,272.0Prepaid expenses and other current assets
339.6
141.3Total current assets
2,788.8
2,138.1Property, plant and equipment, net
1,504.2
1,448.8Goodwill
6,291.9
5,301.3Intangible assets, net
4,937.5
3,293.1Other long-term assets
954.7
1,019.1Total assets
$             16,477.1
$             13,200.4




LIABILITIES AND SHAREHOLDERS' EQUITY



Short-term borrowings and current portion of long-term debt
$               1,336.1
$                  890.5Trade accounts payable
1,515.1
1,259.4Other accrued liabilities
720.6
912.3Total current liabilities
3,571.8
3,062.2Long-term debt
3,597.4
3,105.8Deferred taxes
1,327.0
835.8Other long-term liabilities
407.6
428.5Total liabilities
8,903.8
7,432.3Shareholders' equity



Common stock
585.1
582.4Common stock non-voting
1,729.0
1,700.8Retained earnings
4,842.9
3,816.4Accumulated other comprehensive loss
(161.4)
(363.1)Total McCormick & Company shareholders' equity
6,995.6
5,736.5Non-controlling interests
577.7
31.6Total shareholders' equity
7,573.3
5,768.1Total liabilities and shareholders' equity
$             16,477.1
$             13,200.4 Second Quarter Report
McCormick & Company, Incorporated




Consolidated Cash Flow Statement (Unaudited)



(in millions)





Six months ended

May 31, 2026
May 31, 2025Operating activities



Net income
$                1,182.5
$                   339.4Adjustments to reconcile net income to net cash flow provided
by operating activities:



Depreciation and amortization
136.5
110.9Stock-based compensation
29.3
29.6Amortization of inventory fair value adjustments associated
with acquisition
15.0
—Deferred income tax benefit
(11.3)
(12.1)Income from unconsolidated operations
(22.7)
(39.2)Gain on remeasurement of previously held equity interest
(866.8)
—Changes in operating assets and liabilities (net of effect of
businesses acquired)



Trade accounts receivable
129.4
23.2Inventories
(6.3)
(19.1)Trade accounts payable
30.2
(74.5)Other assets and liabilities
(199.6)
(219.4)Dividends from unconsolidated affiliates
14.5
22.6Net cash flow provided by operating activities
430.7
161.4




Investing activities



Acquisition of business, net of cash acquired
(729.9)
(19.8)Capital expenditures (including software)
(75.2)
(85.4)Other investing activities
—
—Net cash flow used in investing activities
(805.1)
(105.2)




Financing activities



Short-term borrowings, net
945.2
116.0Long-term debt borrowings (net of debt issuance costs of $1.1)
497.7
0.9Debt financing fees paid
(51.0)
—Long-term debt repayments
(504.4)
(13.6)Proceeds from exercised stock options
13.6
13.3Taxes withheld and paid on employee stock awards
(11.9)
(12.6)Common stock acquired by purchase
(10.9)
(26.5)Dividends paid
(257.9)
(241.5)Dividends paid to joint venture partner
(8.4)
—Other financing activities
(9.3)
21.1Net cash flow provided by (used in) financing activities
602.7
602.7




Effect of exchange rate changes on cash and cash equivalents
7.0
24.7Increase (decrease) in cash and cash equivalents
235.3
(62.0)Cash and cash equivalents at beginning of period
95.9
186.1




Cash and cash equivalents at end of period
$                   331.2
$                   124.1  View original content:https://www.prnewswire.com/news-releases/mccormick-reports-strong-second-quarter-performance-and-reaffirms-2026-outlook-302810606.htmlSOURCE McCormick & Company, Incorporated Original: McCORMICK REPORTS STRONG SECOND QUARTER PERFORMANCE AND REAFFIRMS 2026 OUTLOOK

McCormick Declares $0.48 Quarterly DividendJune 23, 2026 4:45 PM
PR Newswire (US) HUNT VALLEY, Md., June 23, 2026 /PRNewswire/ -- The Board of Directors of McCormick & Company, Incorporated (NYSE: MKC) declared a quarterly dividend of $0.48 per share on its common stocks, payable July 20, 2026, to shareholders of record July 6, 2026.This is the 102nd year of consecutive dividend payments by the Company.About McCormick 
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.  To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Global Communications:
Jill Marvin – jill_marvin@mccormick.com View original content:https://www.prnewswire.com/news-releases/mccormick-declares-0-48-quarterly-dividend-302808317.htmlSOURCE McCormick & Company, Incorporated Original: McCormick Declares $0.48 Quarterly Dividend

McCormick Releases 2025 Purpose-led Performance Report, Strengthening Business Resilience and Long-Term Value Through Measurable Progress Across Its CommitmentsJune 5, 2026 8:44 AM
PR Newswire (US) HUNT VALLEY, Md., June 5, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today released its 2025 Purpose-led Performance (PLP) Report, demonstrating how sustainability investments are strengthening supply continuity, operational efficiency, and long-term growth. The report marks the completion of its 2025 commitments and highlights measurable progress across responsible sourcing, climate action, operational resilience, and employee wellbeing.As McCormick completes its 2025 PLP goals, the Company continues to demonstrate leadership in the global flavor industry. Achieving 100% sustainably sourced volumes for its top five branded iconic ingredients enhances supply reliability and quality consistency, while investments in farming communities build resilience and secure long-term access to ingredients. At the same time, reducing environmental impact across its operations and value chain drive efficiency."In a year marked by continued change and global complexity, I am proud of the meaningful progress we have made in advancing our Purpose-led Performance commitments," said Brendan M. Foley, Chairman, President & Chief Executive Officer of McCormick & Company. "Our teams have remained focused and resilient, strengthening how we operate while delivering lasting value for our people, communities, and the planet."Since 1889, McCormick has grown from a small Baltimore spice company into the global leader in flavor, guided by its purpose to make life more flavorful and its vision to be the world's most trusted source of flavor. Sustainability is increasingly embedded into its strategy and operations, reinforcing accountability, protecting brand trust, and supporting long-term growth."As I've stepped into the role of Chief Sustainability Officer, I am proud to build on the strong foundation we have established," said Kathy Rostkowski, Chief Sustainability Officer. "We are closing out our 2025 PLP commitments with encouraging progress and a clear view of where to go next. We are demonstrating that trust is earned when sustainability is practiced, not promised."Key highlights from McCormick's 2025 PLP Report include:Achieved 100% sustainably sourced volumes for its top five branded iconic ingredients: black pepper, cinnamon, oregano, red pepper, and vanilla.Positively impacted more than 57,000 farmers across 11 countries since 2017, strengthening livelihoods and resilience in key sourcing regions.Reduced Scope 1 and 2 greenhouse gas emissions by 40% and lowered Scope 3 emissions by 9%, reinforcing climate readiness and operational resilience.Diverted 80% of facility waste from landfill across global operations.Advanced its Power of People commitment, with 96% of employees completing Individual Development Plans and 100% of employees having access to high-quality wellness programs globally.Through the progress highlighted in the report, McCormick continues to align sustainability with its business strategy to help secure the future of flavor. Looking ahead, the Company will focus on areas where it can make the greatest impact: advancing climate readiness, strengthening farmer resilience, and delivering healthy and sustainable choices that drive long-term value creation.To learn more, read McCormick's 2025 Purpose-led Performance Report or visit the Responsibility section of the Company's corporate website.About McCormick McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Global Communications:
Jill Marvin – jill_marvin@mccormick.com  View original content:https://www.prnewswire.com/news-releases/mccormick-releases-2025-purpose-led-performance-report-strengthening-business-resilience-and-long-term-value-through-measurable-progress-across-its-commitments-302792667.htmlSOURCE McCormick & Company, Incorporated Original: McCormick Releases 2025 Purpose-led Performance Report, Strengthening Business Resilience and Long-Term Value Through Measurable Progress Across Its Commitments

McCormick & Company to Report 2026 Second Quarter Financial Results on June 25, 2026June 1, 2026 8:10 AM
PR Newswire (US) HUNT VALLEY, Md., June 1, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, is scheduled to conduct a conference call and webcast of its second quarter 2026 financial results on Thursday June 25, 2026, at 8:00 a.m. Eastern Time. Brendan Foley, Chairman, President & CEO; Marcos Gabriel, Executive Vice President & CFO; and Faten Freiha, Vice President of Investor Relations will be hosting the call. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website ir.mccormick.com.If you are unable to attend the live webcast, the presentation will be archived on the same website. To listen to an audio replay, call 877-660-6853 in the United States or 201-612-7415 internationally. When prompted, enter the conference ID number 13760756. The replay will be available until 12:00 midnight Eastern Time on July 16, 2026.About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Jill Marvin – jill_marvin@mccormick.com View original content:https://www.prnewswire.com/news-releases/mccormick--company-to-report-2026-second-quarter-financial-results-on-june-25-2026-302787048.htmlSOURCE McCormick & Company, Incorporated Original: McCormick & Company to Report 2026 Second Quarter Financial Results on June 25, 2026

McCormick Appoints Cindy Hoots to Board of DirectorsMay 26, 2026 4:15 PM
PR Newswire (US) HUNT VALLEY, Md., May 26, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today announced that Cindy Hoots, former Chief Digital Officer & CIO, AstraZeneca PLC, has been appointed to the Board of Directors of McCormick effective June 1, 2026. Ms. Hoots is a seasoned technology and business leader with deep expertise in digital transformation, technology strategy, and enterprise modernization across global, multibillion-dollar organizations. She brings significant experience advising on and overseeing strategies related to business growth, risk management, organizational effectiveness, cybersecurity, AI, and other emerging technologies.Additionally, Ms. Hoots has broad experience across the consumer packaged goods (CPG) sector, with a focus on driving consumer-led innovation. Prior to her role at AstraZeneca, Ms. Hoots was Global Vice President, Technology at Unilever, and has held several IT and business leadership roles at BAT p.l.c., SABMiller, ITT Inc. and Mars Incorporated. Ms. Hoots is a member of the Board of Directors of Zoom Communications, Inc., advises startups, and serves on the Digital Advisory Council at BP. She holds a Bachelor of Science degree from DeVry Institute of Technology. "We are pleased to welcome Cindy to McCormick's Board of Directors," said Brendan M. Foley, Chairman, President and CEO of McCormick. "Cindy's experience delivering technology strategies that drive growth and seamlessly connect employees, customers, and partners while supporting data-driven consumer innovation will bring important perspective to our Board as we continue to leverage technology to advance our business."This appointment reflects McCormick's ongoing board refreshment process, which ensures the Company maintains a balanced mix of skills, experiences, and perspectives aligned with its strategic priorities and governance practices. With this appointment, the Board of Directors of McCormick will be comprised of 12 directors, 11 of which are independent.About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.  To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact: Global Communications:
Jill Marvin - Jill_Marvin@mccormick.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/mccormick-appoints-cindy-hoots-to-board-of-directors-302782283.htmlSOURCE McCormick & Company, Incorporated Original: McCormick Appoints Cindy Hoots to Board of Directors

McCormick & Company to Participate in Deutsche Bank's Annual dbAccess Global Consumer ConferenceMay 18, 2026 8:00 AM
PR Newswire (US) HUNT VALLEY, Md., May 18, 2026  McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, will be participating in Deutsche Bank's annual dbAccess Global Consumer Conference at 4:30 PM CEST/10:30 AM ET, on Tuesday, June 2, 2026. Representing McCormick will be Brendan Foley, Chairman, President & CEO, and Marcos Gabriel, Executive Vice President & CFO. A live audio webcast of the session will be available via the McCormick website ir.mccormick.com. A replay will be available following the event through the same website.About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:
Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Jill Marvin – jill_marvin@mccormick.com View original content:https://www.prnewswire.com/news-releases/mccormick--company-to-participate-in-deutsche-banks-annual-dbaccess-global-consumer-conference-302774248.htmlSOURCE McCormick & Company, Incorporated Original: McCormick & Company to Participate in Deutsche Bank's Annual dbAccess Global Consumer Conference

McCormick Honors 2026 Unsung Heroes; Awards $105,000 in Total Scholarships to Student-AthletesMay 14, 2026 4:15 PM
PR Newswire (US) Two $40,000 Charles Perry McCormick Scholarships Awarded to Tempris Harrison from Frederick Douglass High School and Avery Ray from Franklin High SchoolHUNT VALLEY, Md., May 14, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, announced Tempris Harrison from Frederick Douglass High School and Avery Ray from Franklin High School as the 95th and 96th recipients of its Charles Perry McCormick scholarships, worth $40,000 each over four years.    The in-person event held Monday, May 11 at the M&T Bank Exchange, located in downtown Baltimore's France-Merrick Performing Arts Center recognized Ms. Harrison and Mr. Ray from more than 100 student-athletes honored as Unsung Heroes for their commitment to unselfish team play. The full list of this year's McCormick Unsung Heroes nominees can be found HERE. McCormick is proud to recognize each of these student-athletes. Four other students were recognized with additional scholarships at this year's Unsung Heroes event. Kate Cabrera from Loch Raven High School and Tavon Brown from Reginald F. Lewis High School were awarded $7,500 scholarships, while Bianca Crainiceanu from Baltimore Polytechnic Institute and Donte Harrison from Benjamin Franklin High School both received $5,000 scholarships. McCormick congratulates all of the 2026 Unsung Heroes. During the ceremony, keynote speaker Justin Forsett, Former Baltimore Ravens Running Back; 9-Year NFL Pro Bowl Veteran; CEO & Co-Founder of Hustle Clean, shared his powerful "unsung hero" story. He spoke candidly about pushing through adversity and learning to navigate change with resilience, even in the face of repeated setbacks."Greatness grows best in the shadows," he said to the students as he reminded them to trust the process and remember that "there is greatness inside you."Justin's remarks were followed by a Q&A session moderated by emcee Scott Garceau, sports radio personality and broadcaster.Tempris Harrison is a senior middle-distance runner and Team Captain who found in track more than medals — she found confidence, resilience, and a second family. After navigating family challenges and changing schools, running became her anchor and a source of strength. Competing in the 400m, 800m, and relays, she consistently puts team success first, stepping into relays on short notice and mentoring younger athletes. Her quiet leadership, discipline, and selfless commitment embody the spirit of the McCormick Unsung Hero Award and the Charles Perry McCormick Scholarship. Avery Ray exemplifies resilience, leadership, and service. Despite personal challenges preventing contact sports, he thrived in the Allied program, competing in soccer, bocce, and softball. A four-year leader and 2023 State Champion in bocce, he also volunteers as a football and basketball manager. Balancing a 4.2 GPA, part-time work, tutoring, and hosting a podcast, he consistently elevates his school community through dedication and selflessness. The Unsung Heroes program recognizes unselfish student-athletes and honors those who substantially contribute to the success of their school without receiving acclaim. Originally established in 1940 by former McCormick & Company Chairman Charles P. McCormick Sr., the program is reflective of McCormick & Company's core belief in the Power of People.  About McCormick  McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.  Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.  To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn. For information contact: Global Communications:
Jill Marvin - Jill_Marvin@mccormick.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/mccormick-honors-2026-unsung-heroes-awards-105-000-in-total-scholarships-to-student-athletes-302772857.htmlSOURCE McCormick & Company, Incorporated Original: McCormick Honors 2026 Unsung Heroes; Awards $105,000 in Total Scholarships to Student-Athletes

McCormick Declares $0.48 Quarterly DividendApril 8, 2026 4:21 PM
PR Newswire (US)

HUNT VALLEY, Md., April 8, 2026 /PRNewswire/ -- The Board of Directors of McCormick & Company, Incorporated (NYSE: MKC) declared a quarterly dividend of $0.48 per share on its common stocks, payable April 27, 2026, to shareholders of record April 20, 2026.This is the 102nd year of consecutive dividend payments by the Company.About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.  To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.com



View original content:https://www.prnewswire.com/news-releases/mccormick-declares-0-48-quarterly-dividend-302737452.htmlSOURCE McCormick & Company, Incorporated

Original: McCormick Declares $0.48 Quarterly Dividend

McCormick to Combine with Unilever's Foods Business, Creating a Preeminent Global Flavor-Focused CompanyMarch 31, 2026 8:03 AM
PR Newswire (US)

Combines Complementary, Strategically and Culturally Aligned Businesses with Strong Momentum and Iconic Brands that Meet Consumers' Growing Demand for FlavorCreates a Growth-Focused, Resilient Company Backed by McCormick's Proven Track Record of Successful Integrations of Iconic BrandsExpected to be Accretive to McCormick's Net Sales Growth Rate, Operating Margin and Adjusted EPS in First Full YearExpected Annual Run-Rate Cost Synergies of $600 Million Net of Reinvestments; Expect to Achieve by Year 3, with Approximately Two-Thirds by Year 2 $100 Million of Incremental Synergies from Cost and Revenue to be Reinvested in GrowthCombined Company to be Led by McCormick Leadership, with Senior Management Representation from Unilever FoodsMcCormick to Maintain its Name, Global Headquarters in Hunt Valley, Maryland, and NYSE Listing, with International Headquarters in the NetherlandsMcCormick Expected to Maintain Commitment to its Dividend Payment Consistent with its History McCormick to Host Call with Unilever CEO Today at 8:00 a.m. Eastern TimeHUNT VALLEY, Md., and LONDON, March 31, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC) ("McCormick") and Unilever PLC (LSE: ULVR / NYSE: UL) ("Unilever"), today announced that they have entered into an agreement to combine McCormick with Unilever's Foods business excluding India and other excluded businesses1 ("Unilever Foods"), creating a global flavor leader in attractive and high-growth categories with approximately $20 billion in combined fiscal year 2025 revenue.2Under the terms of the agreement and upon closing of the transaction, Unilever and its shareholders are expected to receive shares equating to 65.0% of the fully diluted combined-company outstanding equity, equivalent to $29.1 billion3 based on McCormick's one-month volume-weighted average price of $57.84.4 Unilever will also receive $15.7 billion in cash, subject to certain closing adjustments. This implies an Enterprise Value for Unilever Foods of approximately $44.8 billion, or approximately 13.8x fiscal year 2025 EBITDA.5 In addition, this reflects an enterprise value for McCormick of approximately $21.0 billion, or approximately 13.8x fiscal year 2025 EBITDA.6Upon closing of the transaction, Unilever shareholders are expected to own 55.1%, McCormick shareholders will own 35.0% and Unilever is expected to own 9.9% of the fully diluted combined-company outstanding equity. The transaction is not expected to give rise to U.S. federal income tax for Unilever or its shareholders, thereby mitigating some of the overall tax costs associated with the transaction.The combination brings together two industry-leading organizations with complementary global footprints and portfolios of iconic brands across herbs, spices, seasonings, cooking aids, condiments and sauces. The combined company is expected to benefit from expanded global reach, enhanced scale across retail and foodservice channels and greater resources to invest in innovation, brand-building and global distribution.Brendan Foley, Chairman, President and Chief Executive Officer of McCormick, said, "This transformative combination accelerates McCormick's strategy and reinforces our continued focus on flavor. The Unilever Foods business is one we have long admired, with a portfolio that complements our existing business, capabilities and long-term vision. Together, we will be better positioned to accelerate growth in attractive categories. This combination will create a diversified flavor leader with a robust growth profile that remains differentiated by its focus on flavoring calories while others compete for them.""Unilever Foods' global portfolio of strong brands, combined with our proven expertise in insight-driven brand-building and integration, will enable us to deliver flavor in new and exciting ways for more consumers, driving significant growth across the combined portfolio and value for all stakeholders. Integrating two global organizations of this scale requires disciplined execution, and we are confident that our detailed integration roadmap, experienced teams from McCormick and Unilever, external advisors and our strong partnership will enable us to capture the full value of this opportunity. McCormick is the right partner for Unilever Foods' brands and employees, and our shared culture and values will empower our combination. We are excited to welcome their exceptional talent and international expertise to our Power of People culture."Fernando Fernández, Chief Executive Officer of Unilever, said, "For Unilever, this transaction is another decisive step in sharpening our portfolio and accelerating our strategy towards high-growth categories as a €39 billion pureplay HPC company with a proven sector-leading growth profile. We are unlocking trapped value through a growth-led separation of Foods, creating a scaled, global flavor powerhouse. By combining Unilever Foods' iconic leading brands and global reach with McCormick's exceptional portfolio, category expertise and capabilities, we are establishing a focused, high-quality business with significant top line growth and value creation potential.""This is a combination built on strong strategic and cultural alignment, providing exciting opportunities for our people and ensuring our Foods brands continue to thrive as part of a global flavor leader. Our retained ownership stake reflects our conviction in the strength of the combined company and its future prospects."Unilever Foods has a global portfolio of flavoring and cooking aids, condiments, sauces and other food products, led by iconic brands Knorr and Hellmann's, which comprise approximately 70% of sales. Knorr, a household name in more than 90 countries around the world, serves more than five billion consumers worldwide, and Hellmann's, one of the world's leading mayonnaise brands, reaches consumers in more than 65 countries. Alongside these global power brands, Unilever Foods' portfolio includes a wide array of local brands across EMEA, Latin America and APAC. The business has achieved an underlying sales CAGR of approximately 2.8% over the past two years, supported by consistent volume growth.7Unilever Foods' assets are a highly complementary fit with McCormick's portfolio of iconic brands, which include McCormick, French's, Frank's RedHot, Cholula, Stubb's, OLD BAY and Lawry's, and its 137-year history of flavoring foods for every cuisine and trend. In addition to retail and branded foodservice offerings, McCormick develops custom flavors and condiments for customers as well as its own products within its Flavor Solutions segment.Combines Two High-Performing, Highly Complementary Businesses with Significant Growth OpportunitiesAdvances growth in attractive categories: Unilever Foods and McCormick bring together a portfolio of global, well-invested iconic leading brands, breakthrough brands and local favorites across developed and emerging regions. The combined company will have a deepened focus on flavoring and enhancing foods across categories with attractive consumer tailwinds, including increased protein consumption and cooking at home.Unlocks revenue synergies across McCormick and Unilever Foods businesses: The combination is positioned to unlock new regions, flavors, innovation and consumption occasions in both retail and foodservice channels across the combined business. McCormick's brands will benefit from greater access to high-growth regions in EMEA, Latin America and APAC served by Unilever Foods' extensive infrastructure and distribution. Unilever Foods' brands will have an enhanced strategic runway for growth in North America, where McCormick has a stronger profile and capabilities.Creates a leading global foodservice platform: The combined company will benefit from a combined foodservice platform with broad global distribution capabilities and customer recognition, supported by McCormick's front-of-house strength and Unilever Foods' chef-led, back-of-house strength. Together, the combined foodservice platform will have approximately $6 billion in fiscal year 2025 combined company sales.8Combines differentiated technical expertise: McCormick is committed to remaining a flavor focused business and will integrate and leverage Unilever Foods' technology capabilities, R&D centers and manufacturing footprint. The total breadth of flavor insights, advanced technology and technical expertise across R&D, marketing and supply chain will further strengthen resources to drive acceleration in innovation and product development for the combined company and its customers.Builds on McCormick's history of accretive M&A and brand-building: McCormick has a successful history of integrating leading flavor brands and investing in and accelerating their performance, including Lawry's, Cholula, French's and Red Hot. In these cases, the McCormick team achieved accretion to growth, synergies and earnings targets while enhancing brand equity and consumption growth for the brands.Unites two culturally aligned, purpose-led organizations: The combination is founded in exceptional talent, technology and capabilities from two successful organizations with complementary geographic expertise. McCormick and Unilever share a commitment to conducting business with high ethical standards and social responsibility, and these values will continue to guide operations at the combined company.Attractive Financial Profile Positions Company for Continued Volume-Driven Growth and Value CreationPositioned for accelerated growth in flavor categories with structurally growing demand: Shareholders of the combined company are expected to benefit from the combination of two high-performing businesses that have consistently delivered volume growth. In 2025, Unilever Foods and McCormick together grew at approximately 2.4%, well above their peers in these categories.9 The combined company is expected to target a growth rate of 3 to 5% in year 3, supported by increased investment and volume-driven revenue opportunities. The portfolio of the combined company will be focused on categories benefiting from growing consumer trends, including increased demand for flavors both at home and away from home, and complementary to the rising demand for protein and produce.Supports value creation through realization of substantial synergies: The combined company expects to realize approximately $600 million in run-rate annual cost synergies, net of growth reinvestments. These cost synergies are projected to be captured over a three-year period, with approximately two-thirds of the synergies realized by the end of year two, driven by procurement, manufacturing and SG&A. One-time expenditures to achieve these synergies are estimated to be approximately $300 million. Approximately $100 million incremental cost and revenue synergies will be reinvested to further drive growth.Enables attractive and sustainable margin profile, supporting resilience and enabling reinvestment: On a combined basis, McCormick and Unilever Foods had combined company 2025 adjusted EBITDA of $4.7 billion and an operating income margin of approximately 21%.10 Including estimated run-rate synergies, the expected operating income margin for the combined company for the third year post-closing is expected to be approximately 23 to 25%.Reinforces long-term balance sheet stability and commitment to shareholder returns: The combined company is expected to deliver strong cash flow from operations, providing a clear path to reduce net leverage from an estimated 4.0x or less at closing to 3.0x within two years post-closing. Additionally, both McCormick and Unilever have long-standing commitments to shareholder returns and historically have had dividend payout ratios of approximately 60%. The combined company expects to maintain a dividend consistent with this history.Integration planning is a key priority: Both organizations have already started extensive planning for integrating two global organizations of this scale. The companies have already planned out a detailed integration roadmap, with experienced team members from McCormick and Unilever, and external advisors. The combined company is well positioned to execute the integration effectively and capture the full value of the combination.Leadership, Governance, Listing and HeadquartersUpon closing of the transaction, Brendan Foley is expected to remain Chairman, President and Chief Executive Officer of McCormick, and Marcos Gabriel is expected to remain Executive Vice President and Chief Financial Officer. Executives from both companies will serve in key leadership roles. Upon closing, Unilever will appoint four of twelve members of the combined company Board of Directors. In addition, one Unilever executive is expected to serve as one of the four directors appointed for two years to support a successful integration.McCormick will maintain its Global Headquarters in Hunt Valley, Maryland, and have an International Headquarters in the Netherlands. Unilever Foods has a long-standing presence in the Netherlands, which is home to its world-leading R&D capability that supports its deep sector expertise. Management views this capability as a core strength of the combined company and intends to maintain a substantial presence in the Netherlands. The combined company is planning to have a secondary stock listing in Europe to reflect the global nature of Unilever's current shareholder base.As part of a larger, flavor-focused company, employees of both businesses will gain access to expanded career growth and professional development opportunities.Transaction DetailsUnder the terms of the agreement and upon closing of the transaction, McCormick will issue a proportionate mix of McCormick's existing voting and non-voting common stock equating to 65.0% of the fully diluted combined-company outstanding equity to Unilever and Unilever's shareholders, which is expected to result in current Unilever shareholders owning 55.1% of each class of the fully diluted combined company's equity and current McCormick shareholders owning 35.0% of each class. Unilever is expected to own 9.9% of each class of the fully diluted combined company equity and is committed to an orderly sell-down over time. Under the terms of the agreement, Unilever will also receive a one-time $15.7 billion cash payment, subject to certain closing adjustments.The separation of Unilever's Foods business from the Unilever Group is expected to be structured as a Reverse Morris Trust transaction that is not expected to give rise to U.S. federal income tax for Unilever or its shareholders. The agreement has been unanimously approved by both the McCormick and Unilever Boards of Directors.Upon closing of the transaction, the combined company's net leverage is expected to be 4.0x or less. The combined company intends to maintain a strong investment grade credit rating and return to 3.0x leverage within two years after closing.McCormick has received $15.7 billion in committed bridge financing from Citigroup Global Markets Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., and intends to fund the cash component of the purchase price through a combination of cash from its balance sheet and proceeds from new debt issuance.The transaction is expected to close by mid 2027, subject to McCormick shareholders' approval, receipt of required regulatory approvals and the satisfaction of other customary closing conditions. Works council consultation will be conducted prior to the closing of the transaction.McCormick First Quarter 2026 Financial ResultsIn a separate press release today, McCormick reported its first quarter 2026 financial results. The McCormick release can be found at https://ir.mccormick.com/financial-information. McCormick's first quarter results reflected strong growth in sales, adjusted operating income and adjusted earnings per share, supported by the McCormick de Mexico acquisition and organic growth across both Consumer and Flavor Solutions. McCormick reaffirmed its previously issued full-year guidance for fiscal 2026, which is not impacted by this transaction.AdvisorsCiti and Rothschild & Co are acting as financial advisors to McCormick, and Cleary Gottlieb Steen & Hamilton LLP and Hogan Lovells are acting as legal advisors.Goldman Sachs International and Morgan Stanley & Co. International plc are acting as financial advisors and corporate brokers to Unilever. Clifford Chance LLP and Wachtell Lipton Rosen & Katz are acting as legal advisors to Unilever.Conference Call and WebcastMcCormick management will host a conference call with Unilever Chief Executive Officer Fernando Fernández today, March 31, 2026, at 8:00 a.m. Eastern Time to discuss the transaction at the same time as McCormick's previously announced first-quarter 2026 earnings conference call.Investors and all other interested parties can access a live, listen-only audio webcast of the call on the McCormick and Unilever websites at https://ir.mccormick.com and https://www.unilever.com/investors. Those unable to listen to the live webcast can access a recorded version of the call on either company's investor website Past Events, shortly after the live call's conclusion.Additional information and materials related to the transaction can be found at www.globalflavorleader.com. About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.About UnileverUnilever is one of the world's leading suppliers of Beauty & Wellbeing, Personal Care, Home Care and Foods products, with sales in over 190 countries and products used by 3.7 billion people every day. We have 96,000 employees and generated sales of €50.5 billion in 2025.For more information about Unilever and our brands, please visit www.unilever.com.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.com Media Relations:
MKCmedia@fticonsulting.comMcCormick Cautionary Statement Regarding Forward Looking StatementsCertain information contained in this document that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "will," "aim," "expects," "anticipates," "intends," "looks," "believes," "vision," "ambition," "target," "goal," "plan," "potential," "work towards," "may," "milestone," "objectives," "outlook," "probably," "project," "risk," "continue," "should," "would be," "seeks," or the negative of these terms and other similar expressions of future performance, results, actions or events, and their negatives, are intended to identify such forward-looking statements. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of McCormick. The forward-looking statements contained in this document include, without limitation, the anticipated benefits of, and our plans, strategies and objectives relating to, the pending transaction with Unilever Foods.These and other forward-looking statements are based on management's current views and assumptions. They are not historical facts, nor are they guarantees of future performance or outcomes. Many risks, uncertainties and other factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: (i) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction, including changes in relevant tax and other applicable laws, and the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; (ii) the failure to obtain necessary regulatory approvals, approval of our shareholders, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the transaction, including the risks that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, may require conditions, limitations or restrictions in connection with such approvals or that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction; (iii) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by the parties, or at all; (iv) direct transaction costs and substantial transition and integration-related costs associated with the proposed transaction with Unilever Foods; (v) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, charges, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies resulting from the transaction or otherwise could adversely impact anticipated combined company metrics and/or the value or expected benefit of, timing or pursuit of the transaction; (v) the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business, including the anticipated timing required to complete the separation, any adjustment to the terms of the transaction and any changes to the configuration of the businesses included in the separation if implemented; (vi) uncertainties as to McCormick's access to available financing to consummate the transaction upon acceptable terms and on a timely basis or at all; (vii) the failure to obtain the effectiveness of the registration statements for the transaction or receipt of McCormick shareholder approval for the transaction and certain related matters; (viii) the risk that combined company financial information relating to the transaction, including anticipated combined company revenues, earnings, cash flows, capital expenditures, indebtedness and other financial metrics of the combined company; (ix) the risk that the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the transaction may differ from those expected; (x) the effect of the announcement or pendency of the transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of Unilever Foods or McCormick, the ability of Unilever Foods or McCormick to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the transaction; (xi) the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the transaction; (xii) the ability of McCormick to manage additional debt and successfully de-lever following the transaction; and (xiii) the outcome of any legal proceedings that may be instituted against Unilever Foods or McCormick related to the transaction; and other risks described in the company's filings with the Securities and Exchange Commission ("SEC"), including McCormick's Annual Report on Form 10-K for the year ended November 30, 2025 and Quarterly Report on Form 10-Q for the quarter ended February 28, 2026. Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.Unilever Cautionary Statement Regarding Forward Looking StatementsThis document may contain forward-looking statements within the meaning of the securities laws of certain jurisdictions, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words and terminology such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambition', 'target', 'goal', 'plan', 'potential', 'work towards', 'may', 'milestone', 'objectives', 'outlook', 'probably', 'project', 'risk', 'continue', 'should', 'would be', 'seeks', or the negative of these terms and other similar expressions of future performance, results, actions or events, and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the pending transaction of Unilever Foods with McCormick. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Unilever Group. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained in this section. Readers should not place undue reliance on forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Unilever Group's control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from the forward-looking statements expressed in this announcement are: the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction, including changes in relevant tax and other applicable laws, and the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement, the failure to obtain necessary regulatory approvals, approval of McCormick shareholders, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the transaction, including the risks that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, may require conditions, limitations or restrictions in connection with such approvals or that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction; the risk that the proposed transaction may not be completed on the terms or in the time frame expected by the parties, or at all; direct transaction costs and substantial transition and integration-related costs associated with the proposed transaction with Unilever Foods; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, charges, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies resulting from the transaction or otherwise could adversely impact anticipated combined company metrics and/or the value or expected benefit of, timing or pursuit of the transaction, the risk that the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the transaction may differ from those expected, the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business, including the anticipated timing required to complete the separation, any adjustment to the terms of the transaction and any changes to the configuration of the businesses included in the separation if implemented, uncertainties as to McCormick's access to available financing to consummate the transaction upon acceptable terms and on a timely basis or at all, the failure to obtain the effectiveness of the registration statements for the transaction or receipt of McCormick shareholder approval for the transaction and certain related matters, the effect of the announcement or pendency of the transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of Unilever Foods or McCormick, the ability of Unilever Foods or McCormick to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the transaction; the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the transaction; the ability of McCormick to manage additional debt and successfully de-lever following the transaction; the outcome of any legal proceedings that may be instituted against Unilever Foods or McCormick related to the transaction; Unilever's ability to innovate and remain competitive; Unilever's investment choices in its portfolio management; the effect of climate change on Unilever' business; Unilever' ability to find sustainable solutions to its plastic packaging; significant changes or deterioration in customer relationships; the recruitment and retention of talented employees; disruptions in Unilever' supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Unilever Group operates. Risk with respect to McCormick are further described in its filings with the US Securities and Exchange Commission ("SEC"), including McCormick's Annual Report on Form 10-K for the year ended November 30, 2025 and Quarterly Report on Form 10-Q for the quarter ended February 28, 2026. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. The forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Unilever Group expressly disclaims any intention, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Unilever Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual events, to differ materially from those contained in any forward-looking statements. Further details of potential risks and uncertainties affecting the Unilever Group are described in the Unilever Group's filings with the London Stock Exchange, Euronext Amsterdam and the SEC, including in the Annual Report on Form 20-F 2025 and the Unilever Annual Report and Accounts 2025.No Offer or SolicitationThis document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.Important Information and Where to Find It This document relates to a proposed transaction among McCormick, Unilever and Unilever Foods. The parties intend to file relevant materials with the SEC, including, among other filings, a registration statement on Form S-4 to be filed by McCormick with the SEC, which will include a document that serves as a proxy statement/prospectus of McCormick in connection with the anticipated separation of Unilever Foods from Unilever and combination with McCormick, and a registration statement on Form 10 to be filed by Unilever Foods entity that serve as an information statement/prospectus in connection with the spin-off of Unilever Foods from Unilever. Each party will also file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENTS, INFORMATION STATEMENTS, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by McCormick, Unilever Foods or Unilever through the website maintained by the SEC at www.sec.gov. The documents filed by McCormick with the SEC also may be obtained free of charge at McCormick's website at https://ir.mccormick.com/ or upon written request to McCormick & Company, Incorporated, 24 Schilling Road, Suite 1, Hunt Valley, Maryland 21031, Attention: Investor Relations Department. The documents filed by Unilever Foods or Unilever with the SEC also may be obtained free of charge at upon written request to Unilever, Investor Relations Department, 100 Victoria Embankment, London EC4Y 0DY, United Kingdom.Participants in SolicitationMcCormick and Unilever and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from McCormick's shareholders in connection with the proposed transaction. Information about McCormick's directors and executive officers and their ownership of McCormick's common stock is set forth in McCormick's proxy statement for its 2025 Annual Meeting of Shareholders on Schedule 14A filed with the SEC on February 18, 2026. To the extent that holdings of McCormick's securities have changed since the amounts printed in McCormick's proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. Information about the directors and executive officers of Unilever is set forth in its Annual Report on Form 20-F for the year ended December 31, 2025, which was filed with the SEC on March 12, 2026. You may obtain free copies of these documents as described in the preceding paragraph.Non-GAAP and Other Financial InformationThis document includes the following financial measures that are not in accordance with U.S. generally accepted accounting principles ("GAAP").McCormick EBITDA is defined as operating income plus depreciation and amortization.Unilever Underlying EBITDA defined as net income plus expenses for interest, income taxes, depreciation, amortization and non-underlying items within operating profit.Adjusted EBITDA is calculated as net income plus expenses for interest, income taxes, depreciation and amortization, less interest income and as further adjusted for cash and non-cash acquisition-related expenses (which may include the effect of the fair value adjustment of acquired inventory on cost of goods sold), special charges, stock-based compensation expenses, certain gains or losses (which may include third party fees and expenses and transaction and integration costs).Net leverage is defined as net debt (which is defined as total debt, net of total cash) to Adjusted EBITDAMcCormick and Unilever present non-GAAP financial measures to provide their investors with an additional tool to evaluate McCormick's and Unilever's respective operating results in a manner that focuses on what McCormick and Unilever each believe to be their respective core business operations and what McCormick and Unilever each use to evaluate their respective business operations and for internal budgeting and resource allocation purposes. These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles, and management exercises judgment in determining which items should be excluded in the calculation of non-GAAP measures. The presentation of non-GAAP financial information is not meant to be considered in isolation from, as superior to or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. These non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, the corresponding GAAP financial measures.When possible with respect to non-GAAP financial measures presented with respect to historical periods, McCormick and Unilever provides a reconciliation of their historic non-GAAP financial measures to their most closely applicable GAAP financial measures in the documents filed by McCormick and Unilever with the SEC. McCormick and Unilever, respectively, are unable to provide a reconciliation of certain non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis because doing so would not be possible without unreasonable effort due to, among other things, the potential variability and limited visibility of the excluded items and expectations as to the financial performance of each of McCormick and Unilever upon the completion of the merger. For the same reasons, McCormick and Unilever are unable to address the probable significance of the unavailable information. McCormick and Unilever are presenting forward looking non-GAAP financial measures for illustrative purposes and may not report on this basis going forward. Unilever Foods financial figures presented herein are based on management estimates. Audited or reviewed financial statements for Unilever Foods as a standalone business are not yet available, and actual figures may differ materially from those presented herein and from those included in any subsequently prepared financial statements.Combined company measures for historical periods are based on combining McCormick's historical financial results and management's estimates of Unilever Foods's historical financial results, as applicable, without pro forma adjustments and are included for illustrative purposes in order to provide investors with estimates of what the combined company results could have been. Combined company estimates are not pro forma financial measures, are not prepared in accordance with Regulation S-X under the U.S. Securities Act of 1933, as amended, and are not necessarily indicative of the results that actually would have been realized had McCormick and Unilever been a single entity during the relevant periods.In January 2026, McCormick completed its acquisition of an additional 25% ownership interest in McCormick de Mexico, increasing its ownership of McCormick de Mexico to 75%. Prior to the acquisition, McCormick accounted for 50% ownership interest as an equity method investment and recorded our proportional share of earnings as income from unconsolidated operations. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results. McCormick FY25 revenue, operating margin and EBITDA figures included in this presentation include 100% of McCormick de Mexico's earnings as if the acquisition was completed at the beginning of fiscal 2025.1Transaction excludes Unilever's food business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, the "Excluded Businesses").2Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, and Unilever Foods' net sales for the fiscal year ended December 31, 2025. Unilever Foods' financials based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124.3Equivalent to ~€25.3bn based on spot exchange rates of approximately 1.15 as of 03/27/26.4For 'MKC' stock. One-month volume-weighted average price of $58.89 for 'MKC.V ' stock. As of 03/27/26. Per Bloomberg.5Based on Unilever management estimates of EBITDA (Underlying EBITDA defined as net income plus expenses for interest, income taxes, depreciation, amortization and non-underlying items within operating profit) of ~€2.8bn for the fiscal year ended December 31, 2025.6Based on McCormick management estimates of EBITDA (operating income plus depreciation and amortization) of ~$1.5bn for the fiscal year ended November 30, 2025, including adjustment to include McCormick de Mexico earnings for 2025.  See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.7CAGR excludes Unilever Foods' Excluded Businesses.8Reflects McCormick including McCormick de Mexico and Unilever Foods excluding Excluded Businesses based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124. See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.9Reflects McCormick including McCormick de Mexico and Unilever Foods excluding Excluded Businesses based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124. See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.10Reflects McCormick including McCormick de Mexico and Unilever Foods excluding Excluded Businesses based on 2025 preliminary carve-out financial information, prepared under IFRS and translated from EUR to USD at the Unilever 2025 average rate of 1.124. See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.



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Original: McCormick to Combine with Unilever's Foods Business, Creating a Preeminent Global Flavor-Focused Company

McCormick to Combine with Unilever's Foods Business, Creating a Preeminent Global Flavor-Focused CompanyMarch 31, 2026 7:55 AM
PR Newswire (US)

Combines Complementary, Strategically and Culturally Aligned Businesses with Strong Momentum and Iconic Brands that Meet Consumers' Growing Demand for FlavorCreates a Growth-Focused, Resilient Company Backed by McCormick's Proven Track Record of Successful Integrations of Iconic BrandsExpected to be Accretive to McCormick's Net Sales Growth Rate, Operating Margin and Adjusted EPS in First Full YearExpected Annual Run-Rate Cost Synergies of $600 Million Net of Reinvestments; Expect to Achieve by Year 3, with Approximately Two-Thirds by Year 2 $100 Million of Incremental Synergies from Cost and Revenue to be Reinvested in GrowthCombined Company to be Led by McCormick Leadership, with Senior Management Representation from Unilever FoodsMcCormick to Maintain its Name, Global Headquarters in Hunt Valley, Maryland, and NYSE Listing, with International Headquarters in the NetherlandsMcCormick Expected to Maintain Commitment to its Dividend Payment Consistent with its History McCormick to Host Call with Unilever CEO Today at 8:00 a.m. Eastern TimeHUNT VALLEY, Md., and LONDON, March 31, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC) ("McCormick") and Unilever PLC (LSE: ULVR / NYSE: UL) ("Unilever"), today announced that they have entered into an agreement to combine McCormick with Unilever's Foods business excluding India and other excluded businesses1 ("Unilever Foods"), creating a global flavor leader in attractive and high-growth categories with approximately $20 billion in combined fiscal year 2025 revenue.2Under the terms of the agreement and upon closing of the transaction, Unilever and its shareholders are expected to receive shares equating to 65.0% of the fully diluted combined-company outstanding equity, equivalent to $29.1 billion3 based on McCormick's one-month volume-weighted average price of $57.84.4 Unilever will also receive $15.7 billion in cash, subject to certain closing adjustments. This implies an Enterprise Value for Unilever Foods of approximately $44.8 billion, or approximately 13.8x fiscal year 2025 EBITDA.5 In addition, this reflects an enterprise value for McCormick of approximately $21.0 billion, or approximately 13.8x fiscal year 2025 EBITDA.6Upon closing of the transaction, Unilever shareholders are expected to own 55.1%, McCormick shareholders will own 35.0% and Unilever is expected to own 9.9% of the fully diluted combined-company outstanding equity. The transaction is not expected to give rise to U.S. federal income tax for Unilever or its shareholders, thereby mitigating some of the overall tax costs associated with the transaction.The combination brings together two industry-leading organizations with complementary global footprints and portfolios of iconic brands across herbs, spices, seasonings, cooking aids, condiments and sauces. The combined company is expected to benefit from expanded global reach, enhanced scale across retail and foodservice channels and greater resources to invest in innovation, brand-building and global distribution.Brendan Foley, Chairman, President and Chief Executive Officer of McCormick, said, "This transformative combination accelerates McCormick's strategy and reinforces our continued focus on flavor. The Unilever Foods business is one we have long admired, with a portfolio that complements our existing business, capabilities and long-term vision. Together, we will be better positioned to accelerate growth in attractive categories. This combination will create a diversified flavor leader with a robust growth profile that remains differentiated by its focus on flavoring calories while others compete for them.""Unilever Foods' global portfolio of strong brands, combined with our proven expertise in insight-driven brand-building and integration, will enable us to deliver flavor in new and exciting ways for more consumers, driving significant growth across the combined portfolio and value for all stakeholders. Integrating two global organizations of this scale requires disciplined execution, and we are confident that our detailed integration roadmap, experienced teams from McCormick and Unilever, external advisors and our strong partnership will enable us to capture the full value of this opportunity. McCormick is the right partner for Unilever Foods' brands and employees, and our shared culture and values will empower our combination. We are excited to welcome their exceptional talent and international expertise to our Power of People culture."Fernando Fernández, Chief Executive Officer of Unilever, said, "For Unilever, this transaction is another decisive step in sharpening our portfolio and accelerating our strategy towards high-growth categories as a €39 billion pureplay HPC company with a proven sector-leading growth profile. We are unlocking trapped value through a growth-led separation of Foods, creating a scaled, global flavor powerhouse. By combining Unilever Foods' iconic leading brands and global reach with McCormick's exceptional portfolio, category expertise and capabilities, we are establishing a focused, high-quality business with significant top line growth and value creation potential.""This is a combination built on strong strategic and cultural alignment, providing exciting opportunities for our people and ensuring our Foods brands continue to thrive as part of a global flavor leader. Our retained ownership stake reflects our conviction in the strength of the combined company and its future prospects."Unilever Foods has a global portfolio of flavoring and cooking aids, condiments, sauces and other food products, led by iconic brands Knorr and Hellmann's, which comprise approximately 70% of sales. Knorr, a household name in more than 90 countries around the world, serves more than five billion consumers worldwide, and Hellmann's, one of the world's leading mayonnaise brands, reaches consumers in more than 65 countries. Alongside these global power brands, Unilever Foods' portfolio includes a wide array of local brands across EMEA, Latin America and APAC. The business has achieved an underlying sales CAGR of approximately 2.8% over the past two years, supported by consistent volume growth.7Unilever Foods' assets are a highly complementary fit with McCormick's portfolio of iconic brands, which include McCormick, French's, Frank's RedHot, Cholula, Stubb's, OLD BAY and Lawry's, and its 137-year history of flavoring foods for every cuisine and trend. In addition to retail and branded foodservice offerings, McCormick develops custom flavors and condiments for customers as well as its own products within its Flavor Solutions segment.Combines Two High-Performing, Highly Complementary Businesses with Significant Growth OpportunitiesAdvances growth in attractive categories: Unilever Foods and McCormick bring together a portfolio of global, well-invested iconic leading brands, breakthrough brands and local favorites across developed and emerging regions. The combined company will have a deepened focus on flavoring and enhancing foods across categories with attractive consumer tailwinds, including increased protein consumption and cooking at home.Unlocks revenue synergies across McCormick and Unilever Foods businesses: The combination is positioned to unlock new regions, flavors, innovation and consumption occasions in both retail and foodservice channels across the combined business. McCormick's brands will benefit from greater access to high-growth regions in EMEA, Latin America and APAC served by Unilever Foods' extensive infrastructure and distribution. Unilever Foods' brands will have an enhanced strategic runway for growth in North America, where McCormick has a stronger profile and capabilities.Creates a leading global foodservice platform: The combined company will benefit from a combined foodservice platform with broad global distribution capabilities and customer recognition, supported by McCormick's front-of-house strength and Unilever Foods' chef-led, back-of-house strength. Together, the combined foodservice platform will have approximately $6 billion in fiscal year 2025 combined company sales.8Combines differentiated technical expertise: McCormick is committed to remaining a flavor focused business and will integrate and leverage Unilever Foods' technology capabilities, R&D centers and manufacturing footprint. The total breadth of flavor insights, advanced technology and technical expertise across R&D, marketing and supply chain will further strengthen resources to drive acceleration in innovation and product development for the combined company and its customers.Builds on McCormick's history of accretive M&A and brand-building: McCormick has a successful history of integrating leading flavor brands and investing in and accelerating their performance, including Lawry's, Cholula, French's and Red Hot. In these cases, the McCormick team achieved accretion to growth, synergies and earnings targets while enhancing brand equity and consumption growth for the brands.Unites two culturally aligned, purpose-led organizations: The combination is founded in exceptional talent, technology and capabilities from two successful organizations with complementary geographic expertise. McCormick and Unilever share a commitment to conducting business with high ethical standards and social responsibility, and these values will continue to guide operations at the combined company.Attractive Financial Profile Positions Company for Continued Volume-Driven Growth and Value CreationPositioned for accelerated growth in flavor categories with structurally growing demand: Shareholders of the combined company are expected to benefit from the combination of two high-performing businesses that have consistently delivered volume growth. In 2025, Unilever Foods and McCormick together grew at approximately 2.4%, well above their peers in these categories.9 The combined company is expected to target a growth rate of 3 to 5% in year 3, supported by increased investment and volume-driven revenue opportunities. The portfolio of the combined company will be focused on categories benefiting from growing consumer trends, including increased demand for flavors both at home and away from home, and complementary to the rising demand for protein and produce.Supports value creation through realization of substantial synergies: The combined company expects to realize approximately $600 million in run-rate annual cost synergies, net of growth reinvestments. These cost synergies are projected to be captured over a three-year period, with approximately two-thirds of the synergies realized by the end of year two, driven by procurement, manufacturing and SG&A. One-time expenditures to achieve these synergies are estimated to be approximately $300 million. Approximately $100 million incremental cost and revenue synergies will be reinvested to further drive growth.Enables attractive and sustainable margin profile, supporting resilience and enabling reinvestment: On a combined basis, McCormick and Unilever Foods had combined company 2025 adjusted EBITDA of $4.7 billion and an operating income margin of approximately 21%.10 Including estimated run-rate synergies, the expected operating income margin for the combined company for the third year post-closing is expected to be approximately 23 to 25%.Reinforces long-term balance sheet stability and commitment to shareholder returns: The combined company is expected to deliver strong cash flow from operations, providing a clear path to reduce net leverage from an estimated 4.0x or less at closing to 3.0x within two years post-closing. Additionally, both McCormick and Unilever have long-standing commitments to shareholder returns and historically have had dividend payout ratios of approximately 60%. The combined company expects to maintain a dividend consistent with this history.Integration planning is a key priority: Both organizations have already started extensive planning for integrating two global organizations of this scale. The companies have already planned out a detailed integration roadmap, with experienced team members from McCormick and Unilever, and external advisors. The combined company is well positioned to execute the integration effectively and capture the full value of the combination.Leadership, Governance, Listing and HeadquartersUpon closing of the transaction, Brendan Foley is expected to remain Chairman, President and Chief Executive Officer of McCormick, and Marcos Gabriel is expected to remain Executive Vice President and Chief Financial Officer. Executives from both companies will serve in key leadership roles. Upon closing, Unilever will appoint four of twelve members of the combined company Board of Directors. In addition, one Unilever executive is expected to serve as one of the four directors appointed for two years to support a successful integration.McCormick will maintain its Global Headquarters in Hunt Valley, Maryland, and have an International Headquarters in the Netherlands. Unilever Foods has a long-standing presence in the Netherlands, which is home to its world-leading R&D capability that supports its deep sector expertise. Management views this capability as a core strength of the combined company and intends to maintain a substantial presence in the Netherlands. The combined company is planning to have a secondary stock listing in Europe to reflect the global nature of Unilever's current shareholder base.As part of a larger, flavor-focused company, employees of both businesses will gain access to expanded career growth and professional development opportunities.Transaction DetailsUnder the terms of the agreement and upon closing of the transaction, McCormick will issue a proportionate mix of McCormick's existing voting and non-voting common stock equating to 65.0% of the fully diluted combined-company outstanding equity to Unilever and Unilever's shareholders, which is expected to result in current Unilever shareholders owning 55.1% of each class of the fully diluted combined company's equity and current McCormick shareholders owning 35.0% of each class. Unilever is expected to own 9.9% of each class of the fully diluted combined company equity and is committed to an orderly sell-down over time. Under the terms of the agreement, Unilever will also receive a one-time $15.7 billion cash payment, subject to certain closing adjustments.The separation of Unilever's Foods business from the Unilever Group is expected to be structured as a Reverse Morris Trust transaction that is not expected to give rise to U.S. federal income tax for Unilever or its shareholders. The agreement has been unanimously approved by both the McCormick and Unilever Boards of Directors.Upon closing of the transaction, the combined company's net leverage is expected to be 4.0x or less. The combined company intends to maintain a strong investment grade credit rating and return to 3.0x leverage within two years after closing.McCormick has received $15.7 billion in committed bridge financing from Citigroup Global Markets Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., and intends to fund the cash component of the purchase price through a combination of cash from its balance sheet and proceeds from new debt issuance.The transaction is expected to close by mid 2027, subject to McCormick shareholders' approval, receipt of required regulatory approvals and the satisfaction of other customary closing conditions. Works council consultation will be conducted prior to the closing of the transaction.McCormick First Quarter 2026 Financial ResultsIn a separate press release today, McCormick reported its first quarter 2026 financial results. The McCormick release can be found at https://ir.mccormick.com/financial-information. McCormick's first quarter results reflected strong growth in sales, adjusted operating income and adjusted earnings per share, supported by the McCormick de Mexico acquisition and organic growth across both Consumer and Flavor Solutions. McCormick reaffirmed its previously issued full-year guidance for fiscal 2026, which is not impacted by this transaction.AdvisorsCiti and Rothschild & Co are acting as financial advisors to McCormick, and Cleary Gottlieb Steen & Hamilton LLP and Hogan Lovells are acting as legal advisors.Goldman Sachs International and Morgan Stanley & Co. International plc are acting as financial advisors and corporate brokers to Unilever. Clifford Chance LLP and Wachtell Lipton Rosen & Katz are acting as legal advisors to Unilever.Conference Call and WebcastMcCormick management will host a conference call with Unilever Chief Executive Officer Fernando Fernández today, March 31, 2026, at 8:00 a.m. Eastern Time to discuss the transaction at the same time as McCormick's previously announced first-quarter 2026 earnings conference call.Investors and all other interested parties can access a live, listen-only audio webcast of the call on the McCormick and Unilever websites at https://ir.mccormick.com and https://www.unilever.com/investors. Those unable to listen to the live webcast can access a recorded version of the call on either company's investor website Past Events, shortly after the live call's conclusion.Additional information and materials related to the transaction can be found at www.globalflavorleader.com. About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.About UnileverUnilever is one of the world's leading suppliers of Beauty & Wellbeing, Personal Care, Home Care and Foods products, with sales in over 190 countries and products used by 3.7 billion people every day. We have 96,000 employees and generated sales of €50.5 billion in 2025.For more information about Unilever and our brands, please visit www.unilever.com.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.com Media Relations:
MKCmedia@fticonsulting.comMcCormick Cautionary Statement Regarding Forward Looking StatementsCertain information contained in this document that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "will," "aim," "expects," "anticipates," "intends," "looks," "believes," "vision," "ambition," "target," "goal," "plan," "potential," "work towards," "may," "milestone," "objectives," "outlook," "probably," "project," "risk," "continue," "should," "would be," "seeks," or the negative of these terms and other similar expressions of future performance, results, actions or events, and their negatives, are intended to identify such forward-looking statements. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of McCormick. The forward-looking statements contained in this document include, without limitation, the anticipated benefits of, and our plans, strategies and objectives relating to, the pending transaction with Unilever Foods.These and other forward-looking statements are based on management's current views and assumptions. They are not historical facts, nor are they guarantees of future performance or outcomes. Many risks, uncertainties and other factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: (i) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction, including changes in relevant tax and other applicable laws, and the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; (ii) the failure to obtain necessary regulatory approvals, approval of our shareholders, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the transaction, including the risks that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, may require conditions, limitations or restrictions in connection with such approvals or that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction; (iii) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by the parties, or at all; (iv) direct transaction costs and substantial transition and integration-related costs associated with the proposed transaction with Unilever Foods; (v) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, charges, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies resulting from the transaction or otherwise could adversely impact anticipated combined company metrics and/or the value or expected benefit of, timing or pursuit of the transaction; (v) the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business, including the anticipated timing required to complete the separation, any adjustment to the terms of the transaction and any changes to the configuration of the businesses included in the separation if implemented; (vi) uncertainties as to McCormick's access to available financing to consummate the transaction upon acceptable terms and on a timely basis or at all; (vii) the failure to obtain the effectiveness of the registration statements for the transaction or receipt of McCormick shareholder approval for the transaction and certain related matters; (viii) the risk that combined company financial information relating to the transaction, including anticipated combined company revenues, earnings, cash flows, capital expenditures, indebtedness and other financial metrics of the combined company; (ix) the risk that the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the transaction may differ from those expected; (x) the effect of the announcement or pendency of the transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of Unilever Foods or McCormick, the ability of Unilever Foods or McCormick to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the transaction; (xi) the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the transaction; (xii) the ability of McCormick to manage additional debt and successfully de-lever following the transaction; and (xiii) the outcome of any legal proceedings that may be instituted against Unilever Foods or McCormick related to the transaction; and other risks described in the company's filings with the Securities and Exchange Commission ("SEC"), including McCormick's Annual Report on Form 10-K for the year ended November 30, 2025 and Quarterly Report on Form 10-Q for the quarter ended February 28, 2026. Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.Unilever Cautionary Statement Regarding Forward Looking StatementsThis document may contain forward-looking statements within the meaning of the securities laws of certain jurisdictions, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words and terminology such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambition', 'target', 'goal', 'plan', 'potential', 'work towards', 'may', 'milestone', 'objectives', 'outlook', 'probably', 'project', 'risk', 'continue', 'should', 'would be', 'seeks', or the negative of these terms and other similar expressions of future performance, results, actions or events, and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the pending transaction of Unilever Foods with McCormick. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Unilever Group. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained in this section. Readers should not place undue reliance on forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Unilever Group's control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from the forward-looking statements expressed in this announcement are: the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction, including changes in relevant tax and other applicable laws, and the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement, the failure to obtain necessary regulatory approvals, approval of McCormick shareholders, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the transaction, including the risks that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, may require conditions, limitations or restrictions in connection with such approvals or that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction; the risk that the proposed transaction may not be completed on the terms or in the time frame expected by the parties, or at all; direct transaction costs and substantial transition and integration-related costs associated with the proposed transaction with Unilever Foods; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, charges, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies resulting from the transaction or otherwise could adversely impact anticipated combined company metrics and/or the value or expected benefit of, timing or pursuit of the transaction, the risk that the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the transaction may differ from those expected, the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business, including the anticipated timing required to complete the separation, any adjustment to the terms of the transaction and any changes to the configuration of the businesses included in the separation if implemented, uncertainties as to McCormick's access to available financing to consummate the transaction upon acceptable terms and on a timely basis or at all, the failure to obtain the effectiveness of the registration statements for the transaction or receipt of McCormick shareholder approval for the transaction and certain related matters, the effect of the announcement or pendency of the transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of Unilever Foods or McCormick, the ability of Unilever Foods or McCormick to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the transaction; the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the transaction; the ability of McCormick to manage additional debt and successfully de-lever following the transaction; the outcome of any legal proceedings that may be instituted against Unilever Foods or McCormick related to the transaction; Unilever's ability to innovate and remain competitive; Unilever's investment choices in its portfolio management; the effect of climate change on Unilever' business; Unilever' ability to find sustainable solutions to its plastic packaging; significant changes or deterioration in customer relationships; the recruitment and retention of talented employees; disruptions in Unilever' supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Unilever Group operates. Risk with respect to McCormick are further described in its filings with the US Securities and Exchange Commission ("SEC"), including McCormick's Annual Report on Form 10-K for the year ended November 30, 2025 and Quarterly Report on Form 10-Q for the quarter ended February 28, 2026. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. The forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Unilever Group expressly disclaims any intention, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Unilever Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual events, to differ materially from those contained in any forward-looking statements. Further details of potential risks and uncertainties affecting the Unilever Group are described in the Unilever Group's filings with the London Stock Exchange, Euronext Amsterdam and the SEC, including in the Annual Report on Form 20-F 2025 and the Unilever Annual Report and Accounts 2025.

No Offer or SolicitationThis document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.Important Information and Where to Find It This document relates to a proposed transaction among McCormick, Unilever and Unilever Foods. The parties intend to file relevant materials with the SEC, including, among other filings, a registration statement on Form S-4 to be filed by McCormick with the SEC, which will include a document that serves as a proxy statement/prospectus of McCormick in connection with the anticipated separation of Unilever Foods from Unilever and combination with McCormick, and a registration statement on Form 10 to be filed by Unilever Foods entity that serve as an information statement/prospectus in connection with the spin-off of Unilever Foods from Unilever. Each party will also file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENTS, INFORMATION STATEMENTS, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by McCormick, Unilever Foods or Unilever through the website maintained by the SEC at www.sec.gov. The documents filed by McCormick with the SEC also may be obtained free of charge at McCormick's website at https://ir.mccormick.com/ or upon written request to McCormick & Company, Incorporated, 24 Schilling Road, Suite 1, Hunt Valley, Maryland 21031, Attention: Investor Relations Department. The documents filed by Unilever Foods or Unilever with the SEC also may be obtained free of charge at upon written request to Unilever, Investor Relations Department, 100 Victoria Embankment, London EC4Y 0DY, United Kingdom.Participants in SolicitationMcCormick and Unilever and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from McCormick's shareholders in connection with the proposed transaction. Information about McCormick's directors and executive officers and their ownership of McCormick's common stock is set forth in McCormick's proxy statement for its 2025 Annual Meeting of Shareholders on Schedule 14A filed with the SEC on February 18, 2026. To the extent that holdings of McCormick's securities have changed since the amounts printed in McCormick's proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. Information about the directors and executive officers of Unilever is set forth in its Annual Report on Form 20-F for the year ended December 31, 2025, which was filed with the SEC on March 12, 2026. You may obtain free copies of these documents as described in the preceding paragraph.Non-GAAP and Other Financial InformationThis document includes the following financial measures that are not in accordance with U.S. generally accepted accounting principles ("GAAP").McCormick EBITDA is defined as operating income plus depreciation and amortization.Unilever Underlying EBITDA defined as net income plus expenses for interest, income taxes, depreciation, amortization and non-underlying items within operating profit.Adjusted EBITDA is calculated as net income plus expenses for interest, income taxes, depreciation and amortization, less interest income and as further adjusted for cash and non-cash acquisition-related expenses (which may include the effect of the fair value adjustment of acquired inventory on cost of goods sold), special charges, stock-based compensation expenses, certain gains or losses (which may include third party fees and expenses and transaction and integration costs).Net leverage is defined as net debt (which is defined as total debt, net of total cash) to Adjusted EBITDAMcCormick and Unilever present non-GAAP financial measures to provide their investors with an additional tool to evaluate McCormick's and Unilever's respective operating results in a manner that focuses on what McCormick and Unilever each believe to be their respective core business operations and what McCormick and Unilever each use to evaluate their respective business operations and for internal budgeting and resource allocation purposes. These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles, and management exercises judgment in determining which items should be excluded in the calculation of non-GAAP measures. The presentation of non-GAAP financial information is not meant to be considered in isolation from, as superior to or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. These non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, the corresponding GAAP financial measures.When possible with respect to non-GAAP financial measures presented with respect to historical periods, McCormick and Unilever provides a reconciliation of their historic non-GAAP financial measures to their most closely applicable GAAP financial measures in the documents filed by McCormick and Unilever with the SEC. McCormick and Unilever, respectively, are unable to provide a reconciliation of certain non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis because doing so would not be possible without unreasonable effort due to, among other things, the potential variability and limited visibility of the excluded items and expectations as to the financial performance of each of McCormick and Unilever upon the completion of the merger. For the same reasons, McCormick and Unilever are unable to address the probable significance of the unavailable information. McCormick and Unilever are presenting forward looking non-GAAP financial measures for illustrative purposes and may not report on this basis going forward. Unilever Foods financial figures presented herein are based on management estimates. Audited or reviewed financial statements for Unilever Foods as a standalone business are not yet available, and actual figures may differ materially from those presented herein and from those included in any subsequently prepared financial statements.Combined company measures for historical periods are based on combining McCormick's historical financial results and management's estimates of Unilever Foods's historical financial results, as applicable, without pro forma adjustments and are included for illustrative purposes in order to provide investors with estimates of what the combined company results could have been. Combined company estimates are not pro forma financial measures, are not prepared in accordance with Regulation S-X under the U.S. Securities Act of 1933, as amended, and are not necessarily indicative of the results that actually would have been realized had McCormick and Unilever been a single entity during the relevant periods.In January 2026, McCormick completed its acquisition of an additional 25% ownership interest in McCormick de Mexico, increasing its ownership of McCormick de Mexico to 75%. Prior to the acquisition, McCormick accounted for 50% ownership interest as an equity method investment and recorded our proportional share of earnings as income from unconsolidated operations. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results. McCormick FY25 revenue, operating margin and EBITDA figures included in this presentation include 100% of McCormick de Mexico's earnings as if the acquisition was completed at the beginning of fiscal 2025.1Transaction excludes Unilever's food business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, the "Excluded Businesses").2Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, and Unilever Foods' net sales for the fiscal year ended December 31, 2025. Unilever Foods' financials based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124.3Equivalent to ~€25.3bn based on spot exchange rates of approximately 1.15 as of 03/27/26.4For 'MKC' stock. One-month volume-weighted average price of $58.89 for 'MKC.V' stock. As of 03/27/26. Per Bloomberg.5Based on Unilever management estimates of EBITDA (Underlying EBITDA defined as net income plus expenses for interest, income taxes, depreciation, amortization and non-underlying items within operating profit) of ~€2.8bn for the fiscal year ended December 31, 2025.6Based on McCormick management estimates of EBITDA (operating income plus depreciation and amortization) of ~$1.5bn for the fiscal year ended November 30, 2025, including adjustment to include McCormick de Mexico earnings for 2025.  See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.7CAGR excludes Unilever Foods' Excluded Businesses.8Reflects McCormick including McCormick de Mexico and Unilever Foods excluding Excluded Businesses based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124. See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.9Reflects McCormick including McCormick de Mexico and Unilever Foods excluding Excluded Businesses based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124. See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings.10Reflects McCormick including McCormick de Mexico and Unilever Foods excluding Excluded Businesses based on 2025 preliminary carve-out financial information, prepared under IFRS and translated from EUR to USD at the Unilever 2025 average rate of 1.124. See "Non-GAAP and Other Financial Information" for discussion of inclusion of McCormick de Mexico earnings. 



View original content:https://www.prnewswire.com/news-releases/mccormick-to-combine-with-unilevers-foods-business-creating-a-preeminent-global-flavor-focused-company-302729955.htmlSOURCE McCormick & Company, Incorporated

Original: McCormick to Combine with Unilever's Foods Business, Creating a Preeminent Global Flavor-Focused Company

McCORMICK REPORTS STRONG FIRST QUARTER PERFORMANCE AND REAFFIRMS 2026 OUTLOOKMarch 31, 2026 6:30 AM
PR Newswire (US)

HUNT VALLEY, Md., March 31, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today reported financial results for the first quarter ended February 28, 2026 and reaffirmed its outlook for fiscal 2026.
Net Sales increased 16.7% in the first quarter and included a 3.1% favorable impact from currency. Organic sales growth was 1.2%. Operating income was $228 million in the first quarter compared to $225 million in the year-ago period. Adjusted operating income was $268 million compared to $225 million in the year-ago period. Earnings per share was $3.77 in the first quarter as compared to $0.60 in the year-ago period. Earnings per share included a non-cash gain related to the McCormick de Mexico acquisition. Adjusted earnings per share was $0.66 as compared to $0.60 in the year-ago period.For fiscal year 2026, McCormick reaffirmed its sales growth, adjusted operating income and adjusted earnings per share outlook. Chairman, President, and CEO's Remarks Brendan M. Foley, Chairman, President, and CEO, stated, "We are pleased to begin the year with  first quarter results that demonstrate the strength and resilience of our business. We delivered strong growth in sales, adjusted operating income, and adjusted earnings per share, supported by the McCormick de Mexico acquisition and organic growth across both Consumer and Flavor Solutions. Strong sales, acquisition accretion, and disciplined cost management enabled margin expansion as we continued to invest for future growth.""First quarter total volumes were in line with our expectations, and we anticipate sequential improvement with growth building throughout the year, as we benefit from brand investments, increased innovation in both segments, and distribution gains. Our fundamentals remain strong, supported by our advantaged portfolio, disciplined execution, and continued investment, positioning us to drive sustained, profitable growth. We remain on track to achieve our 2026 outlook and remain committed to our vision of being a global flavor leader, while continuing to drive shareholder value.""Finally, I want to thank our McCormick employees around the world. They are the foundation of our success, and I am continually inspired by their dedication and contributions. We remain committed to strengthening our Power of People culture and building a future-ready organization that will support our growth for years to come."First Quarter 2026 ResultsSales Metrics

First Quarter 2026
As
Reported
Organic(1)
Acquisition
Constant
Currency
% Change
Volume/
MixPrice% Change
% Change
% ChangeTotal Net Sales16.7 %
(0.7) %1.9 %1.2 %
12.4 %
13.6 %









Total Consumer24.5 %
(0.4) %2.2 %1.8 %
19.8 %
21.6 %Americas30.4 %
(1.6) %2.8 %1.2 %
28.9 %
30.1 %EMEA15.5 %
2.4 %1.3 %3.7 %
— %
3.7 %APAC6.2 %
2.1 %0.1 %2.2 %
— %
2.2 %









Total Flavor Solutions6.2 %
(1.0) %1.5 %0.5 %
2.4 %
2.9 %Americas6.1 %
(1.7) %2.5 %0.8 %
3.4 %
4.2 %EMEA7.3 %
(0.5) %— %(0.5) %
— %
(0.5) %APAC5.1 %
2.6 %(2.1) %0.5 %
— %
0.5 %

1Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency. Profitability Metrics
($ in millions except per share data)

First Quarter 2026

As Reported
Adjusted

Q1 2026vs. 2025
Q1 2026vs. 2025
Gross profit$   708.917.4 %
$   723.919.9 %
Gross profit margin37.8 %20 bps
38.6 %100 bps







Operating income$   227.51.0 %
$   267.618.8 %
Operating income margin12.1 %(190) bps
14.3 %30 bps







Net income attributable to McCormick$ 1,016.2526.1 %
$   176.99.0 %







Earnings per share - diluted$    3.77528.3 %
$    0.6610.0 %
First Quarter 2026 ResultsNet sales increased 17% in the first quarter compared to the year-ago period and included a 3% favorable impact from currency. Sales from our January 2026 acquisition of McCormick de Mexico contributed 13% to the sales increase. Organic sales increased 1%, driven primarily by price.Consumer segment net sales increased 25% from the first quarter of 2025 to $1,145 million including a 20% contribution from McCormick de Mexico and a 3% favorable impact from currency. Organic sales increased 2%, driven by price.Flavor Solutions segment net sales increased 6% from the first quarter of 2025 to $729 million and included a 3% favorable impact from currency and 2% contribution from McCormick de Mexico. Organic sales increased 1%, driven by price.Gross profit for the first quarter increased by $105 million from the comparable period in 2025. Gross profit margin expanded 20 basis points versus the first quarter of last year. Excluding transaction expense related to the acquisition-date fair value adjustment of inventories, adjusted gross profit expanded 100 basis points versus the year-ago period. The expansion was driven by contribution from the acquisition of McCormick de Mexico, pricing, and cost savings led by the Company's Comprehensive Continuous Improvement (CCI) program partially offset by higher commodity costs.Operating income was $228 million in the first quarter of 2026 compared to $225 million in the first quarter of 2025. Excluding special charges, adjusted operating income was $268 million compared to $225 million in the year-ago period. Adjusted operating income increased 19% from the year-ago period, including a 3% favorable impact from currency. In constant currency, adjusted operating income increased 16%, driven by higher gross profit, cost savings led by the CCI program, including SG&A streamlining initiatives, partially offset by higher selling, general and administrative (SG&A) expenses primarily due to acquisition related increase, sustained brand marketing investments, and increased technology investments.Consumer segment operating income, excluding special charges, increased 22% in the first quarter of 2026 compared to the year-ago period to $180 million, or 20% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in brand marketing and technology.Flavor Solutions segment operating income, excluding special charges, increased 12% in the first quarter of 2026 compared to the year-ago period to $88 million, or 7% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in technology.Earnings per share was $3.77 in the first quarter of 2026 compared to $0.60 in the first quarter of 2025. The non-cash gain on remeasurement of our previously held equity interest in McCormick de Mexico increased diluted earnings per share by $3.22 and special charges, including transaction and integration costs, lowered diluted earnings per share by $0.11. Excluding special charges and the non-cash gain, adjusted earnings per share was $0.66 in the first quarter of 2026 compared to $0.60 in the first quarter of 2025. The increase was primarily attributable to higher adjusted operating income.Fiscal Year 2026 Financial OutlookMcCormick's fiscal 2026 outlook continues to reflect the Company's prioritized investments in key categories to sustain its volume trends and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies and the conflict in the Middle East. The Company's CCI program is continuing to fuel growth investments while also driving operating margin expansion. Lastly, the outlook reflects meaningful contributions from the acquisition of a controlling interest in McCormick de Mexico, which closed on January 2, 2026.
Current Guide(1)March 2026

ReportedConstant
Currency
Net sales growth13% to 17%12% to 16%
Contribution from acquisition of McCormick de Mexico11% to 13%11% to 13%
Organic sales growth (2)---1% to 3%




Adjusted operating income16% to 20%15% to 19%




Adjusted Earnings per share (EPS)$3.05 to $3.132% to 5%1% to 4%


1.Amounts are rounded with percentages calculated from the underlying amounts2.Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.Current Guide - Expectations:Net Sales:Sustained volume growth and increased pricing benefits relative to the prior year.Adjusted Operating Income:Adjusted gross margin expansion to reflect recovery from 2025. Favorable impacts from organic sales growth, McCormick de Mexico accretion, and the Company's CCI program, partially offset by increased commodity costs.SG&A expenses impacted by cost headwinds including digital transformation and build back of incentive compensation, as well as growth investments. In addition, SG&A is expected to benefit from the Company's CCI program, inclusive of streamlining initiatives.Adjusted Earnings per Share:Adjusted operating income growth partially offset by:Tax rate of approximately 24% vs. 21.5% in 2025.Higher net interest expense, primarily associated with the McCormick de Mexico transaction.Income from unconsolidated operations no longer reflects ownership interest in McCormick de Mexico subsequent to the January 2026 acquisition.The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results in the Company's financial statements from the date of acquisition. Income attributable to noncontrolling interest reflects elimination of the 25% minority interest in McCormick de Mexico Net Income attributable to Grupo Herdez.The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.For fiscal 2026, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.The Company's outlook for 2026 adjusted operating income and adjusted earnings per share are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results. The Company is unable to reconcile its projected adjusted operating income to its projected reported operating income for 2026 because it cannot reasonably predict the amount of any additional special charges, including transaction and integration expenses that may be recognized during this time period.Similarly, the Company is unable to reconcile its projected adjusted earnings per share to projected reported earnings per share for 2026 due to the same factors affecting reported operating income.Non-GAAP Financial Measures The following tables include financial measures of organic net sales, adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted diluted earnings per share. These represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting principles. These financial measures exclude the impact, as applicable, of the following:Special charges - Special charges consist of expenses and income associated with certain actions undertaken by us to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Expenses associated with the approved actions are classified as special charges upon recognition and monitored on an ongoing basis through completion. Included in special charges are transaction and integration costs incurred in conjunction with acquisitions.Gain on remeasurement of previously held equity interest - On January 2, 2026, we completed the acquisition of an additional 25% ownership interest in McCormick de Mexico which increased our ownership to a 75% controlling interest. Prior to the acquisition of the additional ownership interest, we accounted for our 50% ownership interest as an equity method investment. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results. As a result of the consolidation, the carrying value of our previously held 50% ownership interest was remeasured to fair value resulting in a gain.We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP; however, they should not be viewed as a substitute for, or superior to, GAAP results. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, as they may calculate them differently than we do. We intend to continue providing these non-GAAP financial measures as part of our future earnings discussions, ensuring consistency in our financial reporting.A reconciliation of these non-GAAP financial measures to the related GAAP financial measures follows:(in millions except per share data)Three Months Ended
2/28/2026
2/28/2025Gross profit$       708.9
$       604.0Impact of special charges included in cost of goods sold15.0
—Adjusted gross profit$       723.9
$       604.0Gross profit margin (1)37.8 %
37.6 %Impact of special charges (1)0.8 %
— %Adjusted gross profit margin (1)38.6 %
37.6 %



Operating income$       227.5
$       225.2Impact of special charges40.1
—Adjusted operating income267.6
225.2Operating income margin (2)12.1 %
14.0 %Impact of special charges (2)2.2 %
— %Adjusted operating income margin (2)14.3 %
14.0 %



Income tax expense$         48.7
$         41.6Impact of special charges9.9
—Adjusted income tax expense$         58.6
$         41.6Income tax rate (3)26.3 %
22.3 %Impact of special charges (0.3) %
— %Adjusted income tax rate (3)26.0 %
22.3 %



Net income attributable to McCormick & Company$     1,016.2
$       162.3Impact of special charges, net of non-controlling interest (4)27.5
—Gain on remeasurement of previously held equity interest (866.8)
—Adjusted net income $       176.9
$       162.3



Earnings per share – diluted$         3.77
$         0.60Impact of special charges0.11
—Gain on remeasurement of previously held equity interest (3.22)
—Adjusted earnings per share – diluted$         0.66
$         0.60

(1)Gross profit margin, impact of special charges, and adjusted gross profit margin are calculated as gross profit, impact of special charges, and adjusted gross profit as a percentage of net sales for each period presented. The impact of special charges included in cost of goods sold represents the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.

(2)Operating income margin, impact of special charges, and adjusted operating income margin are calculated as operating income, impact of special charges, and adjusted operating income as a percentage of net sales for each period presented.

(3)Income tax rate is calculated as income tax expense as a percentage of income from consolidated operations before income taxes. Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before income taxes excluding special charges of $225.1 million and $186.5 million for the three months ended February 28, 2026 and 2025, respectively.

(4)The impact of special charges, net of noncontrolling interests, for the three months ended February 28, 2026 represents a $2.6 million non-controlling interest effect associated with the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold. Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes can be volatile. The exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed "on a constant currency basis," is a non-GAAP measure. We believe that this non-GAAP measure provides additional information that enables enhanced comparison to prior periods excluding the translation effects of changes in rates of foreign currency exchange and provides additional insight into the underlying performance of our operations located outside of the U.S. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions denominated in other than the local currency of any of our subsidiaries in their local currency reported results).We provide organic net sales growth rates for our consolidated net sales and segment net sales. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, and divestitures, as applicable, have on year-to-year comparability. A reconciliation of these measures from reported net sales growth rates, the relevant GAAP measures, are included in the tables set forth below.Percentage changes in sales and adjusted operating income expressed on a constant currency basis are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual average exchange rates in effect during the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the comparative year.Rates of constant currency and organic growth (decline) follow:
Three Months Ended February 28, 2026
Percentage
change as
reportedImpact of
foreign
currency
exchangePercentage
change on
constant
currency
basisImpact of
acquisitionPercentage
change on an
organic basisTotal Net Sales16.7 %3.1 %13.6 %12.4 %1.2 %





Total Consumer24.5 %2.9 %21.6 %19.8 %1.8 %  Americas30.4 %0.3 %30.1 %28.9 %1.2 %  EMEA15.5 %11.8 %3.7 %— %3.7 %  APAC6.2 %4.0 %2.2 %— %2.2 %





Total Flavor Solutions6.2 %3.3 %2.9 %2.4 %0.5 %  Americas6.1 %1.9 %4.2 %3.4 %0.8 %  EMEA7.3 %7.8 %(0.5) %— %(0.5) %  APAC5.1 %4.6 %0.5 %— %0.5 % 


Three Months Ended February 28, 2026


Percentage Change
as Reported
Impact of Foreign
Currency Exchange
Percentage Change on
Constant Currency BasisAdjusted operating income






   Consumer segment

22.4 %
1.9 %
20.5 %   Flavor Solutions segment

12.1 %
4.6 %
7.5 %Total adjusted operating income

18.8 %
2.8 %
16.0 %







To present the percentage change in projected 2026 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected local currency net sales, adjusted operating income, and adjusted net income for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at forecasted exchange rates. These figures are then compared to the 2025 local currency projected results, which are translated into U.S. dollars at the average actual exchange rates in effect during the corresponding months of fiscal year 2025. This comparison determines what the 2025 consolidated U.S. dollar net sales, adjusted operating income, and adjusted earnings per share (diluted) would have been if the relevant currency exchange rates had not changed from those of the comparable 2025 periods.
Projections for the Year Ending
November 30, 2026Percentage change in net sales13% to 17%Impact of favorable foreign currency exchange1 %Percentage change in net sales in constant currency12% to 16%Impact of acquisition11% to 13%Percentage change in organic net sales1% to 3%





Percentage change in adjusted operating income16% to 20%Impact of favorable foreign currency exchange1 %Percentage change in adjusted operating income in constant currency15% to 19%





Percentage change in adjusted earnings per share - diluted2% to 5%Impact of favorable foreign currency exchange1 %Percentage change in adjusted earnings per share in constant currency- diluted1% to 4%Live WebcastAs previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. ET. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website, ir.mccormick.com.Forward-Looking Information Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, including transaction and integration expenses, acquisitions, brand marketing support, volume and product mix, income tax expense, and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe," "plan," and similar expressions. These statements may relate to: general economic and industry conditions, including consumer spending rates, recessions, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact of brand marketing support, product innovation, and customer, channel, category, heat platform, and e-commerce expansion; the expected results of operations of businesses acquired, including the additional 25% ownership interest in McCormick de Mexico; expected trends in net sales, earnings performance, and other financial measures; the expected impact of pricing actions on the Company's results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the anticipated effects of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources such as raw materials, packaging, labor, and transportation; the potential impact of trade policies, including tariffs; the impact of legal challenges to U.S. tariffs; the expected impact of productivity improvements, including those associated with our CCI program and the Global Business Services operating model initiative; the ability to identify, attract, hire, retain, and develop qualified personnel and the next generation of leaders; the impact of ongoing conflicts or future geopolitical, including those between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption, in particular related to fuel prices; expected working capital improvements; the anticipated timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; the expected impact of accounting pronouncements; expectations regarding pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable payments of interest, repayment of short- and long-term debt, working capital needs, planned capital expenditures, quarterly dividends, and our ability to obtain additional short- and long-term financing or issue additional debt securities; and expectations regarding purchasing shares of McCormick's common stock under the existing repurchase authorization.These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: the Company's ability to drive revenue growth; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to offset cost pressures or business impacts related to trade policies, including tariffs; the Company's ability to drive productivity improvements, including those related to our CCI program and other streamlining actions; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of changing political and geopolitical conditions including the ongoing conflicts between Russia and Ukraine and the war in the Middle East, as well as the potential for broader economic disruption; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses; global economic and financial conditions generally, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of our amount of outstanding indebtedness and related level of debt service as well as the effects that such debt service may have on the Company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the Company's information technology systems, including the threat of data breaches and cyber-attacks; the Company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, and volatility in our effective tax rate; climate change; Environmental, Social and Governance (ESG) matters; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the Company's inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; and other risks described in the Company's filings with the Securities and Exchange Commission.Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:
Investor Relations:
Faten Freiha - faten_freiha@mccormick.com Global Communications:
MKCmedia@fticonsulting.com(Financial tables follow)First Quarter Report
McCormick & Company,
Incorporated





Consolidated Income Statement (Unaudited)




(In millions except per-share data)






Three months ended


February 28,
2026
February 28,
2025
Net sales
$    1,873.9
$    1,605.5
Cost of goods sold
1,165.0
1,001.5
Gross profit
708.9
604.0
Selling, general and administrative expense
456.3
378.8
Special charges
25.1
—
Operating income
227.5
225.2
Interest expense
47.3
48.5
Other income, net
4.8
9.8
Income from consolidated operations before income taxes
185.0
186.5
Income tax expense
48.7
41.6
Net income from consolidated operations
136.3
144.9
Income from unconsolidated operations
886.0
18.5
Net income
1,022.3
163.4
Net income attributable to noncontrolling interests
(6.1)
(1.1)
Net income attributable to McCormick & Company
$    1,016.2
$       162.3
Earnings per share – basic
$        3.78
$        0.60
Earnings per share – diluted
$        3.77
$        0.60
Average shares outstanding – basic
268.8
268.3
Average shares outstanding – diluted
269.4
269.5
Cash dividends paid per share – voting and non-voting
$        0.48
$        0.45
 First Quarter ReportMcCormick & Company, Incorporated






Consolidated Balance Sheet (Unaudited)




(In millions)






February 28, 
2026
November 30,
2025
ASSETS




Cash and cash equivalents
$               177.7
$                 95.9
Trade accounts receivable, net of allowances
829.2
628.9
Inventories, net
1,366.5
1,272.0
Prepaid expenses and other current assets
235.9
141.3
Total current assets
2,609.3
2,138.1
Property, plant and equipment, net
1,510.3
1,448.8
Goodwill
6,316.5
5,301.3
Intangible assets, net
4,961.6
3,293.1
Other long-term assets
948.6
1,019.1
Total assets
$           16,346.3
$           13,200.4






LIABILITIES AND SHAREHOLDERS' EQUITY




Short-term borrowings and current portion of long-term debt
$             1,319.3
$               890.5
Trade accounts payable
1,391.6
1,259.4
Other accrued liabilities
731.2
912.3
Total current liabilities
3,442.1
3,062.2
Long-term debt
3,604.1
3,105.8
Deferred taxes
1,323.9
835.8
Other long-term liabilities
420.1
428.5
Total liabilities
8,790.2
7,432.3
Shareholders' equity




Common stock
583.4
582.4
Common stock non-voting
1,722.7
1,700.8
Retained earnings
4,823.1
3,816.4
Accumulated other comprehensive loss
(148.9)
(363.1)
Total McCormick & Company shareholders' equity
6,980.3
5,736.5
Non-controlling interests
575.8
31.6
Total shareholders' equity
7,556.1
5,768.1
Total liabilities and shareholders' equity
$           16,346.3
$           13,200.4
 First Quarter Report
McCormick & Company, 
Incorporated




Consolidated Cash Flow Statement (Unaudited)



(In millions)





Three Months Ended

February 28,
2026
February 28,
2025Operating activities



Net income
$              1,022.3
$                163.4Adjustments to reconcile net income to net cash flow provided by operating activities:



Depreciation and amortization
63.0
53.8Stock-based compensation
20.7
20.0Amortization of inventory fair value adjustments associated with acquisition
15.0
—Deferred income tax benefit
(7.5)
(9.2)Income from unconsolidated operations
(19.2)
(18.5)Gain on remeasurement of previously held equity interest
(866.8)
—Changes in operating assets and liabilities (net of effect of business acquired)



Trade accounts receivable
18.7
65.2Inventories
35.1
(11.7)Trade accounts payable
(98.7)
(70.9)Other assets and liabilities
(145.6)
(84.9)Dividends from unconsolidated affiliates
13.9
8.3Net cash flow provided by operating activities
50.9
115.5




Investing activities



Acquisition of business, net of cash acquired
(729.9)
—Capital expenditures (including software)
(32.5)
(37.1)Net cash flow used in investing activities
(762.4)
(37.1)




Financing activities



Short-term borrowings (repayments), net
928.5
(25.9)Long-term debt borrowings (net of debt issuance costs of $0.5)
497.4
—Long-term debt repayments
(502.2)
(11.5)Proceeds from exercised stock options
12.6
6.7Taxes withheld and paid on employee stock awards
(9.2)
(6.7)Common stock acquired by purchase
(10.9)
(17.2)Dividends paid
(128.9)
(120.7)Other financing activities
(5.6)
20.1Net cash flow provided by (used in) financing activities
781.7
(155.2)Effect of exchange rate changes on cash and cash equivalents
11.6
(6.5)Increase (decrease) in cash and cash equivalents
81.8
(83.3)Cash and cash equivalents at beginning of period
95.9
186.1Cash and cash equivalents at end of period
$                177.7
$                102.8  



View original content:https://www.prnewswire.com/news-releases/mccormick-reports-strong-first-quarter-performance-and-reaffirms-2026-outlook-302729850.htmlSOURCE McCormick & Company, Incorporated

Original: McCORMICK REPORTS STRONG FIRST QUARTER PERFORMANCE AND REAFFIRMS 2026 OUTLOOK

McCormick Issues StatementMarch 20, 2026 3:15 AM
PR Newswire (US)

HUNT VALLEY, Md., March 20, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), ("McCormick" or the "Company"), in response to the announcement issued by Unilever earlier today, confirmed that it is engaged in discussions with Unilever regarding a potential strategic transaction involving Unilever's Foods business.While these discussions are ongoing, there can be no certainty or assurances as to whether an agreement for a transaction will be reached or as to the terms or timing of any such transaction. McCormick regularly evaluates its portfolio and strategic options in pursuit of maximizing shareholder value and consistent with its fiduciary duties and in consultation with its financial and legal advisors.The Company does not intend to make any additional comments regarding this matter unless and until it is determined that additional disclosure is appropriate or necessary.About McCormick McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Lori Robinson - lori_robinson@mccormick.com 



View original content:https://www.prnewswire.co.uk/news-releases/mccormick-issues-statement-302719621.html

Original: McCormick Issues Statement

McCormick Issues StatementMarch 20, 2026 3:04 AM
PR Newswire (US)

HUNT VALLEY, Md., March 20, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), ("McCormick" or the "Company"), in response to the announcement issued by Unilever earlier today, confirmed that it is engaged in discussions with Unilever regarding a potential strategic transaction involving Unilever's Foods business.While these discussions are ongoing, there can be no certainty or assurances as to whether an agreement for a transaction will be reached or as to the terms or timing of any such transaction. McCormick regularly evaluates its portfolio and strategic options in pursuit of maximizing shareholder value and consistent with its fiduciary duties and in consultation with its financial and legal advisors.The Company does not intend to make any additional comments regarding this matter unless and until it is determined that additional disclosure is appropriate or necessary.About McCormick McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Lori Robinson - lori_robinson@mccormick.com 



View original content:https://www.prnewswire.com/news-releases/mccormick-issues-statement-302719617.htmlSOURCE McCormick & Company

Original: McCormick Issues Statement

McCormick & Company to Report 2026 First Quarter Financial Results on March 31, 2026March 10, 2026 4:15 PM
PR Newswire (US)

HUNT VALLEY, Md., March 10, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, is scheduled to conduct a conference call and webcast of its first quarter 2026 financial results on Tuesday March 31, 2026, at 8:00 a.m. Eastern Time. Brendan Foley, Chairman, President & CEO; Marcos Gabriel, Executive Vice President & CFO; and Faten Freiha, Vice President of Investor Relations will be hosting the call. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website ir.mccormick.com.If you are unable to attend the live webcast, the presentation will be archived on the same website. To listen to an audio replay, call 877-660-6853 in the United States or 201-612-7415 internationally. When prompted, enter the conference ID number 13759133. The replay will be available until 12:00 midnight Eastern Time on April 21, 2026.About McCormickMcCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Lori Robinson - lori_robinson@mccormick.com



View original content:https://www.prnewswire.com/news-releases/mccormick--company-to-report-2026-first-quarter-financial-results-on-march-31-2026-302710001.htmlSOURCE McCormick & Company, Incorporated

Original: McCormick & Company to Report 2026 First Quarter Financial Results on March 31, 2026

Beyond Meat $BYND does not use GMOs. McCormick $MKC uses GMO-derived starches, oils, and flavoring components in various seasoning and food products.

McCormick & Company to Present at Consumer Analyst Group of New York ConferenceJanuary 26, 2026 9:30 PM
PR Newswire (US)

HUNT VALLEY, Md., Jan. 26, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, will be presenting at the Consumer Analyst Group of New York (CAGNY) Conference at 5:00 p.m. ET, on February 17, 2026. Representing McCormick will be Brendan Foley, Chairman, President & CEO; and Marcos Gabriel, Executive Vice President & CFO. The presentation will be webcast live via the McCormick website ir.mccormick.com. A reply will be available following the event through the same website.About McCormick McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.For information contact:Investor Relations:
Faten Freiha - faten_freiha@mccormick.comGlobal Communications:
Lori Robinson - lori_robinson@mccormick.com



View original content:https://www.prnewswire.com/news-releases/mccormick--company-to-present-at-consumer-analyst-group-of-new-york-conference-302670378.htmlSOURCE McCormick & Company, Incorporated

Original: McCormick & Company to Present at Consumer Analyst Group of New York Conference

MKC, reports Thursday 6/26

Trump Administration Expands Fight With Big Law Firms to DEI Practices
https://www.wsj.com/us-news/law/trump-administration-expands-fight-with-big-law-firms-to-dei-practices-10d37abe $MKC

$MKC McCormick & Co Total Debt (mrq) $4.6B - Book Value under $20.00 per share. Over bought by 400%

Strong earnings.

MKC 10Q expected Thursday 6/27

MKC 10Q due 3/26

Looks pretty damn good right now eh??

probably one of the best stocks no one every talks about or even knows is public

insane run over the last decade

News: $MKC McCormick Investors Will Find a Lot to Savor in Its Earnings Report

The spicings, flavorings, and condiments niche has been a good one for McCormick   (NYSE: MKC)  lately. While other sectors of consumer packaged foods are struggling with flat growth and falling profitability, the spice giant has avoided both of those negative trends. Its fiscal thir...

Read the whole news MKC - McCormick Investors Will Find a Lot to Savor in Its Earnings Report

MKC is one hot and spicy stock today!

News: $MKC McCormick Flavors Up Its Business

If you like spices, then you probably know McCormick (NYSE: MKC) quite well. You'll find the spice maker's products on grocery store shelves across the nation, and its spices also go directly into many of the prepared foods that you can buy from restaurants, commercial food-service providers...

Got this from MKC - McCormick Flavors Up Its Business

News: $MKC McCormick Reports Strong Third Quarter Performance And Increases Full Year Earnings Per Share Outlook

HUNT VALLEY, Md. , Oct. 1, 2019 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today reported financial results for the third quarter ended August 31, 2019 and provided its latest financial outlook for fiscal year 2019. Earnin...

Find out more MKC - McCormick Reports Strong Third Quarter Performance And Increases Full Year Earnings Per Share Outlook

128.75

121.26

Watch This Spicy Trade Level For McCormick & Company Inc

McCormick & Company Inc (MKC:NYSE) is a leading manufacturer of spices, seasoning mixes, condiments and other flavorful products to the food industry. The stock topped out in June 2017 at $106.50 a share. Since that pivot high the stock has traded in a very choppy trading range. Today, MKC stock is trading lower by 0.58 cents to $98.58 a share. The stock looks to have very good daily chart support around the $95.00 area. This support level was where the stock was defended on November 7, 2017. Often, prior support levels will be very good trade levels when retested. Traders should note that the company will report earnings on January 25, 2018 before the opening bell.




Nicholas Santiago
InTheMoneyStocks

McCormick & Co $MKC 5yr DCF implies stock's 30% overvalued b4 earnings Tuesday:

Fair Value Source

My fast money window stock $MCK with averaging gains last tens years. All you need is one folks. With sums of small money Im turning my money into a fortune. Because I believe in sound money and sound company's.

Chart Support.

How's she looking for 2015? Good time to begin accumulating? Looking to expand on some divy stock. TIA.

McCormick Q1 Results Beat Estimates, Reaffirms FY14 View

Spices and seasonings maker McCormick & Co. Inc. (MKC: Quote) Tuesday reported a higher first-quarter profit, as sales rose 6 percent with solid increases in both its consumer and industrial businesses. The acquisition of WAPC accounted for a significant portion of sales growth in Consumer business. Both earnings per share as well as revenues topped analysts' expectations.

Looking ahead to the second quarter, the company expects only a slight increase in earnings per share, and reaffirmed its financial outlook for fiscal year 2014.

For the first quarter ended February 28, 2014, the company's net income increased to $82.5 million or $0.62 per share from $76 million or $0.57 per share in the previous year.

http://www.rttnews.com/2291518/mccormick-q1-results-beat-estimates-reaffirms-fy14-view.aspx?type=ts

Here’s the Reuters write-up on the FY3Q12 results: #msg-80056860.

This is actually one of those companies you can buy for a lifetime, and not worry about technology replacing your business.

Good dividend, long term.

In these countries, you could characterise McCormick as levying a tiny and unnoticed tax on eating.That’s a clever way of looking at MKC's business model and is consistent with the observation at the top of #msg-74701516 that increasing global affluence leads to higher protein consumption, and most protein foods require the kind of seasoning that MKC specializes in. Regards, Dew

p.s. Note that CLF—a company I own—is the first-listed item on the underpaid list in http://www.investorschronicle.co.uk/2012/04/26/comment/no-free-lunch/underpaid-and-underowned-KIIkY34YjgjfZOY7O1ladI/article.html;jsessionid=8A22BE3D152257B7BF329E7D1293CD20.mps-apr-01-8109 .

Nice article which mentions Mccormick in the UK's Investors' Chronicle.

It came to their notice because of a screen they did for companies with a great track record who didn't grievously overpay their CEO and other executives:

"There can be few households in this country who do not have a jar or packet of McCormick herbs or spices lurking in their kitchens. It's the number one in its sector in the USA, Canada, the UK, France, and Spain and its market shares are huge - 40 per cent going on 50 per cent. In these countries, you could characterise McCormick as levying a tiny and unnoticed tax on eating. It has paid a dividend every year since 1925 and has increased it for each of the last 25 years. Compared with Apple or Amazon, it's a plodder. But in stamina terms, its an Olympian."


http://www.investorschronicle.co.uk/2012/04/26/comment/no-free-lunch/underpaid-and-underowned-KIIkY34YjgjfZOY7O1ladI/article.html;jsessionid=8A22BE3D152257B7BF329E7D1293CD20.mps-apr-01-8109

MKC expects emerging markets to comprise 20% of sales by 2015:

#msg-74499982

Bullish Jan 2012 article on MKC from Barron’s with my annotations:

#msg-73429493