McCormick To Buy Italian Flavorings Manufacturer

Spice manufacturer McCormick & Co. announced it is acquiring Italian flavorings company Enrico Giotti SpA for a cash payment of approximately $127 million. Based in Florence, Giotti’s annual sales are about $56 million. The company manufactures natural flavors, aromatic herbal extracts, and concentrated juices. McCormick CEO Lawrence E. Kurzius said the acquisition of 88-year-old Giotti will “add greater scale to our already substantial industrial segment business in the Europe, Middle East and Africa region."