30 November 2016Source:
McCormick & Co., Inc. is set to acquire 100% of the shares of Enrico Giotti SpA, a Florence, Italy-based flavor manufacturer, for approximately $127 million, according to a news release from the company.
Best known for its beverage, sweet, savory and dairy flavor applications, Giotti produces natural flavors, aromatic herbal extracts and concentrated juices, and makes $56 million in annual sales.
The acquisition is the latest in McCormick’s growth strategy, which was outlined by president and chief executive officer Lawrence E. Kurzius this summer at the Sanford C Bernstein Strategic Decisions Conference. The philosophy centers on targeting businesses where "flavor and health intersect."
With McCormick & Co., Inc.’s pending acquisition of Giotti, the company will have completed 13 acquisitions and joint ventures in the past nine years. And from what Kurzius said in June, more growth is expected to come.