Welcome to our dedicated page for Mccormick & Co news (Ticker: MKC), a resource for investors and traders seeking the latest updates and insights on Mccormick & Co stock.
McCormick & Company (MKC) delivers flavor innovation and premium culinary solutions through its globally recognized brands. This news hub provides investors and industry professionals with timely updates on corporate developments, financial performance, and market leadership in the spice and seasonings sector.
Access official press releases, earnings reports, and strategic announcements alongside analysis of product launches and sustainability initiatives. Our curated collection ensures you stay informed about MKC's consumer segment innovations and B2B flavor solutions for food manufacturers.
Key updates include quarterly financial results, supply chain advancements, new market expansions, and R&D breakthroughs in natural flavor technologies. Bookmark this page for streamlined access to McCormick's latest milestones and industry-shaping decisions.
McCormick reported a 5% sales increase for fiscal year 2020, totaling $6.60 billion, driven by a 10% growth in its Consumer segment despite a decline in Flavor Solutions. Earnings per share rose to $2.78, with adjusted EPS increasing 6% to $2.83. For Q4 2020, sales also increased by 5%, but EPS fell to $0.74 due to higher marketing investments. The company expects 2021 sales growth of 7% to 9% with a projected EPS of $2.71 to $2.76. Cash flow from operations hit a record $1 billion, and a 10% dividend increase was authorized, marking 35 consecutive years of increases.
McCormick & Company (NYSE: MKC) will host a conference call on January 28, 2021, at 8:00 a.m. Eastern time to discuss its fourth quarter 2020 financial results. Chairman, President & CEO Lawrence Kurzius, EVP & CFO Mike Smith, and VP of Investor Relations Kasey Jenkins will lead the call. Investors can join via the company’s website. A replay will be available until February 18, 2021. McCormick reported over $5 billion in annual sales across 160 countries, emphasizing their commitment to flavor and sustainability.
McCormick & Company (NYSE: MKC) announced the acquisition of FONA International for $710 million in cash. FONA is a major manufacturer of clean and natural flavors, with annual sales of approximately $114 million. This acquisition will enhance McCormick's flavor portfolio, expand its technology platform, and strengthen its capabilities in health and wellness. McCormick expects this strategic move to be accretive to gross margin and enhance shareholder value, aligning with its goal of leading in flavor innovation.
L Catterton has finalized the sale of Cholula, a prominent hot sauce producer, to McCormick & Company (NYSE: MKC) for $800 million. This transaction marks the conclusion of their partnership with Cholula, which has been positioned well for growth under McCormick's management. Morgan Stanley acted as the lead financial advisor for Cholula, with support from Houlihan Lokey and Kirkland & Ellis as legal advisors for L Catterton. Cholula, known for its unique blend of spices and peppers, has a rich history since its U.S. introduction in 1989, now offering six sauce varieties worldwide.
McCormick & Company (NYSE: MKC) has completed the acquisition of Cholula Hot Sauce for $800 million, enhancing its portfolio in the hot sauce category. The deal, initially announced on November 24, 2020, will be funded through cash and commercial paper. McCormick anticipates that the acquisition will dilute earnings per share (EPS) in fiscal years 2020 and 2021 but is expected to be accretive to adjusted EPS in 2021. The company aims to leverage its operational expertise to drive growth for Cholula.
McCormick & Company (NYSE: MKC) announced it received an unsolicited mini-tender offer from TRC Capital Investment Corporation to buy up to 750,000 shares at $176.38 each, 4.46% below its closing price on November 13, 2020. McCormick advises stockholders not to tender their shares, highlighting that the offer lacks necessary protections of larger tender offers and is below market value. The SEC warns investors about mini-tender offers that may exploit price discrepancies. McCormick emphasizes the importance of consulting brokers for current share prices and exercising caution regarding this unsolicited offer.
L Catterton has announced the sale of Cholula, a hot sauce producer, to McCormick & Company (MKC) for $800 million. The deal, subject to customary closing conditions, comes after L Catterton transformed Cholula since its acquisition in April 2019, enhancing market share and consumer loyalty. Cholula achieved over 50% growth in household penetration during this period. Both companies express excitement over future growth as Cholula joins the McCormick family, leveraging its global resources and operational expertise.
On November 24, 2020, McCormick (NYSE: MKC) announced its agreement to acquire Cholula Hot Sauce for $800 million in cash. This acquisition aims to enhance McCormick's condiment platform and capitalize on the growing hot sauce market, which is experiencing high growth. Cholula, with estimated annual net sales of $96 million, is expected to grow in the mid-to-high single digits. McCormick plans to leverage its operational expertise to enhance Cholula's brand awareness and distribution, potentially driving long-term shareholder value.
The Board of Directors of McCormick & Company announced a quarterly dividend increase from $0.62 to $0.68 per share on its common stocks, reflecting a split-adjusted basis of $0.34 due to a 2-for-1 stock split effective December 1, 2020. The dividend will be payable on January 11, 2021 to shareholders of record on December 31, 2020. This marks the 35th consecutive year of dividend increases, with the current amount double that of 2013.
FAQ
What is the current stock price of Mccormick & Co (MKC)?
What is the market cap of Mccormick & Co (MKC)?
