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McCormick To Buy Italian Flavorings Manufacturer

November 29, 2016: 12:00 AM EST
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."
"McCormick Announces Acquisition of Enrico Giotti SpA", News release, McCormick & Co., November 29, 2016, © McCormick & Company, Inc.
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