McCormick & Company, Incorporated has agreed to acquire 100 percent of the shares of Enrico Giotti SpA (Giotti), an Italian flavor manufacturer located in Florence, Italy.
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).
The acquisition of Giotti expands the breadth of value-added products for McCormick’s industrial segment including additional expertise in flavoring health and nutrition products. McCormick plans to acquire the business for a cash payment of approximately 120 million Euros (127 million U.S. dollars), subject to certain closing adjustments.
Lawrence E. Kurzius, President and Chief Executive Officer, stated, “The acquisition of Giotti is another important step in the execution of our growth strategy. McCormick is a leading flavor supplier to packaged food companies and multi-national restaurants, and this acquisition expands the breadth of our value-added flavor solutions in Europe with strong and innovative R&D capabilities. With this acquisition, we add greater scale to our already substantial industrial segment business in the Europe, Middle East and Africa region.”
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