McCormick to Combine With Unilever Food Unit to Create a Spice Giant

The New York Times • March 31, 2026 • general

Key Points:

McCormick & Company plans to merge with Unilever’s food business to create a new entity generating approximately $20 billion in annual revenue, expected to close by mid-next year.
The combined company, operating under the McCormick name, will dominate the spice and sauce market, bringing together brands such as French’s mustard, Stubb’s barbecue sauce, Hellmann’s mayonnaise, and Knorr seasonings.
The deal values Unilever’s food business at nearly $45 billion including debt, marking Unilever’s exit from the food industry after nearly a century, where food accounted for about a quarter of its revenue last year.
Industry experts view this merger as part of a broader trend of consolidation and restructuring in the food sector, driven by changing consumer spending habits and a focus on creating stronger brand portfolios to attract investors.
Recent comparable moves in the industry include Kellogg’s 2023 split, Mars’ $36 billion acquisition of Kellanova in 2024, and Ferrero’s $3.1 billion purchase of WK Kellogg last year.

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