McCormick & Company has confirmed it is in discussions with Unilever regarding a strategic transaction related to Unilever’s food business. The company noted that it reviews its portfolio and strategic options routinely to maximize shareholder value, after consulting with its financial and legal advisors.
Ongoing Talks with Unilever Come Without Deal Guarantees
McCormick has pointed out that there is no certainty yet that the ongoing discussions will lead to a transaction, according to a PRNewswire release. The terms or timeline have not been confirmed, it said.
It does not plan to comment further on the matter unless additional disclosure is necessary, the company said. In a press release, Unilever confirmed that it received an inbound offer for its Food business and is in discussions with McCormick.
“Unilever confirms that it has received an inbound offer for its Foods business and is in discussions with McCormick & Company, Inc. There can be no certainty that any transaction will be agreed,” it said.
“The Board believes Foods is a highly attractive business, with a strong financial profile led by market-leading brands in growing categories, and is confident in the future of the Foods business as part of Unilever,” it added.
About McCormick
McCormick & Company is a global leader in flavor, with annual sales of $7 billion in 150 countries and territories, according to PRNewswire. The company makes and distributes herbs, spices, seasonings, condiments, and flavor solutions for retailers, food manufacturers, and foodservice businesses.
The portfolio of the firm includes popular brands such as Frank’s RedHot, OLD BAY, French’s, Lawry’s, Cholula, and Zatarain’s, among others. McCormick works through two core segments – the Consumer and Flavor Solutions. It supports its growth strategy by leveraging scale, market insights, and technology to meet rising demand for flavor across the food and beverage industry.
As discussions continue, both McCormick & Company and Unilever are emphasizing that no agreement has been finalized.
