McCormick and Unilever Reorganize Divisions, Start New Operating Model

HUNT VALLEY, Md. — McCormick & Company, Incorporated announces the planned operating model, Executive Team, and secondary listing location for the company following the closing of its proposed combination with Unilever’s Foods business, which is expected by mid-2027.

Brendan Foley, Chairman, President and Chief Executive Officer of McCormick, said, “First and foremost, I want to thank the dedicated integration planning teams for their diligent work. Our significant progress to date is a testament to McCormick’s unique track record and learnings from past integrations, the deep expertise from both organizations, and our collective focus on creating a differentiated global flavor leader.”

“Our planned operating model is designed to place consumers and customers at the center of the combined business, enabling disciplined execution, enhanced innovation, and sustainable long-term growth, while supporting a rewarding employee experience. Our anticipated Executive Team will bring together proven leaders from both McCormick and Unilever Foods, from a diverse set of backgrounds and skill sets, and with deep knowledge of our brands, categories, customers, and geographies, positioning us well to capitalize on our expanded global platform, realize expected synergies, and create value for all stakeholders.”

“Further, we are pleased to confirm, complementing our New York Stock Exchange listing, McCormick intends to seek a secondary listing on the London Stock Exchange. This, in combination with our International Headquarters and commitment to Unilever’s world-leading R&D facilities in the Netherlands and our Global Headquarters in Hunt Valley, Maryland, reinforces the global nature of the combined operations and positions us for ongoing success.”

Operating Model

Effective upon the transaction closing, McCormick will reorganize into four commercial divisions that are expected to be the reportable segments of the combined company:

• Americas Consumer
• International Consumer
• Global Food Service
• Global Flavor

The Consumer business, which encompasses the combined company’s retail sales of herbs, spices, seasonings, cooking aids, condiments, and sauces, will be organized into two geographic divisions, reflecting its scale. The structure has been designed to enhance the combined company’s reach, strengthen its global brands tailored to local markets, and elevate the combined company’s innovation and product development capabilities. Americas Consumer will have $8 billion in 2025 in annual sales across North, Central, and South America. International Consumer will have $7 billion in 2025 annual sales across the rest of the world, including the EMEA and APAC regions.

Global Food Service will have $4 billion in 2025 in annual sales and provides a wide range of flavor products to operators of restaurants and in other away-from-home channels. This division will unite the unique capabilities of both businesses – Unilever’s expertise in back-of-house food service and chef-to-chef culinary capabilities and McCormick’s expertise in brand-driven front-of-house.

The Global Flavor division will have $2.5 billion in 2025 in annual sales and provides customized specialty flavors, seasonings, condiments, and coatings to global food, beverage, and consumer health companies, as well as restaurant chains. This division recognizes flavor as a critical global business with distinctive capabilities, strong customer relationships, and growth potential. By connecting customer needs, consumer insights, and technical expertise across markets, the Global Flavor division will accelerate innovation and deliver differentiated solutions that create value for customers around the world.

The commercial divisions will be supported by robust functions, organized for growth, scale, and disciplined execution. These functions will drive global efficiency and deliver best-in-class processes and standards across the combined organization.

Andrew Foust, McCormick’s Chief Integration Officer, said, “I am proud of the diligent execution and collaboration by our integration planning teams to lay the foundation for the combined company. The strong cultural alignment between our businesses reinforces our conviction in the strategic merits of this combination, and I am confident we have the right structure and leadership to execute on a successful integration upon closing.”

Following transaction closing, the combined company’s Integration Management Office will remain in place, with a dedicated senior leadership team that will oversee the execution of key integration goals by each commercial division. The office will also focus on overseeing an efficient exit from transition services agreements (“TSAs”), which will generally last up to 24 months following transaction closing, as well as synergy realization and the development of a unified organizational culture.

As previously shared, McCormick plans to provide further detail on anticipated revenue and cost synergies, as well as the anticipated scope of the TSAs, by the end of the third quarter.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and food service businesses. Our most popular brands with trademark registrations include McCormick, French’s, Frank’s RedHot, Stubb’s, OLD BAY, Lawry’s, Zatarain’s, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers’ products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision – To be the World’s Most Trusted Source of Flavor.

Unilver is a global leader in consumer goods, including food such as condiments and canned soups, beauty, personal care and home care.