29 November 2016 - Food Business News
McCormick to acquire Italian flavor manufacturer
McCormick & Co., Inc. has agreed to acquire 100% of the shares of Enrico Giotti SpA, a Florence, Italy-based flavor manufacturer, for approximately $127 million in cash.
With $56 million in annual sales, Giotti produces natural flavors, aromatic herbal extracts and concentrated juices. Giotti is known in the industry for its beverage, sweet, savory and dairy flavor applications, McCormick said, and its acquisition will expand McCormick’s expertise in flavoring health and nutrition products.
“The acquisition of Giotti is another important step in the execution of our growth strategy,” said Lawrence E. Kurzius, president and chief executive officer of McCormick. “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.”