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McCormick & Company Acquires Flavorings Company

December 30, 2020: 12:00 AM EST
The Baltimore, Md.-based food and spice company has acquired flavor maker Fona International for $710 million. Founded more than three decades ago, Fona posted around $114 million in annual sales last year and is expected to grow at a mid-to-high-single-digit rate under McCormick's umbrella. The company makes clean and natural flavors for use in bakery, cereal, dairy, desserts, chocolate, and other product lines. McCormick says it will finance the transaction through cash and commercial paper. 
Jayson Derrick, "McCormick Announces Second Major Acquisition Of 2020: What Investors Need To Know", Benzinga, December 30, 2020, © Benzinga.com
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