SPARKS, Md., Dec. 15, 2016 (PRNewswire) — McCormick & Company, Incorporated, a global leader in flavor, on Thursday announced that it has completed the purchase of 100 percent of the shares of Enrico Giotti SpA, a leading Italian flavor manufacturer located in Florence, Italy. McCormick announced the agreement to acquire Giotti on November 29, 2016.
- Giotti is well known in the industry for its innovative beverage, sweet, savory and dairy flavor applications. Annual sales are approximately 53 million Euro (56 million U.S. dollars) and are expected to grow at a mid-to-high single digit rate for the next several years.
- Financed with cash and short-term borrowings, McCormick expects to record an acquisition price of 120 million Euros (127 million U.S. dollars), subject to certain closing adjustments.
- Expands value-added product offering for the industrial segment including additional expertise in flavoring health and nutrition products.
Founded in 1928, Giotti is a leading manufacturer of natural flavors, aromatic herbal extracts, and concentrated juices headquartered in Florence, Italy. The acquisition of Giotti adds greater scale to McCormick's already substantial industrial business in the Europe, Middle East and Africa region while expanding the breadth of McCormick's value-added flavor solutions.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With $4.3 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry – retail outlets, food manufacturers and foodservice businesses. Every day, no matter where or what you eat, you can enjoy food flavored by McCormick. McCormick Brings Passion to Flavor™.