Spice maker McCormick is combining with Unilever's food division
abcnews.com • • general
Key Points:
- McCormick is merging with Unilever’s foods division, including brands like Hellmann’s and Knorr, with Unilever shareholders expected to own 65% of the combined company valued at $29.1 billion.
- Unilever will receive $15.7 billion in cash, while McCormick shareholders will hold 35% ownership; the combined company is projected to generate $20 billion in revenue by fiscal year 2025.
- The deal, excluding Unilever’s food businesses in India, Nepal, and Portugal, is expected to close by mid-2027, pending shareholder and regulatory approval.
- McCormick CEO Brendan Foley stated the merger supports McCormick’s focus on flavor and complements its existing portfolio, while Unilever aims to streamline its business towards beauty and personal care products.
- Both companies have a history of strategic divestments and acquisitions, with Unilever recently spinning off its ice cream business and McCormick expanding through purchases like French’s mustard and Cholula hot sauce.
