McCormick and Company

Who owns McCormick and Company?
McCormick and Company is a publicly traded corporation listed on the NYSE under ticker MKC (voting shares) and MKC/V (non-voting shares). No single shareholder controls the company. Institutional investors including Vanguard Group, BlackRock, and State Street are among the largest holders. Upon closing of the Unilever combination, Unilever and its shareholders will own 65% of the combined company and McCormick shareholders will own 35%.

Is McCormick publicly traded?
Yes, McCormick trades on the New York Stock Exchange under ticker MKC for voting common stock and MKC/V for non-voting common stock. The dual-class share structure has been in place for much of the company's history and provides governance stability.

Who is the CEO of McCormick?
Brendan M. Foley serves as Chairman, President, and CEO of McCormick and Company. Under his leadership, McCormick has focused on volume-led organic growth, brand marketing investment, innovation, and strategic acquisitions including the McCormick de Mexico transaction and the pending Unilever combination.

What is McCormick's annual revenue?
McCormick reported FY2025 (ended November 30, 2025) net sales of approximately $6.8 billion, up 2% from the prior year. Operating income was $1.07 billion, net income was $789 million, and adjusted earnings per share was $3.00. Cash flow from operations was $962 million.

Who owns French's mustard?
French's mustard is owned by McCormick and Company, which acquired it along with Frank's RedHot and Cattlemen's BBQ sauce when it purchased Reckitt Benckiser's food division for $4.2 billion in 2017. French's is the number-one selling yellow mustard in the United States.

Who owns Frank's RedHot?
Frank's RedHot is owned by McCormick and Company, acquired from Reckitt Benckiser in 2017. Frank's RedHot is the dominant hot sauce brand in the United States by retail value and the original ingredient in authentic Buffalo sauce.

Is McCormick acquiring Hellmann's and Knorr?
Yes. On March 31, 2026, McCormick and Unilever announced a definitive agreement to combine Unilever's food business with McCormick in a transaction valued at approximately $44.8 billion. The combined company will own Hellmann's mayonnaise and Knorr bouillon and seasoning, along with McCormick's existing brand portfolio. The deal is expected to close by mid-2027, subject to regulatory and shareholder approvals.

What is the structure of the McCormick-Unilever deal?
The transaction is structured as a Reverse Morris Trust, intended to be tax-free to Unilever and its shareholders. Unilever and its shareholders will receive shares equating to 65% of the combined company equity (equivalent to $29.1 billion) and Unilever will receive a $15.7 billion cash payment. McCormick shareholders will own 35% of the combined company. The combined company will have approximately $20 billion in revenue.

What brands does McCormick own?
McCormick's brand portfolio includes McCormick spices, French's mustard, Frank's RedHot, Cholula, Lawry's, Old Bay, Zatarain's, Stubb's, Thai Kitchen, Gourmet Garden, Ducros, Schwartz, Kamis, Vahine, DaQiao, and Aeroplane. Upon closing of the Unilever combination, the portfolio will also include Hellmann's, Knorr, Sir Kensington's, and Maille.

McCormick was founded in 1889 in Baltimore, Maryland, by 25-year-old Willoughby McCormick, who started the business selling flavoring extracts, fruit syrups, and juices door to door. The company incorporated in 1903 and began developing its spice and seasoning business in the early 20th century.

A distinctive feature of McCormick's corporate history is its ownership structure. The founding McCormick family maintained significant influence through a dual-class share structure for much of the company's history. McCormick has two classes of stock: common stock (NYSE: MKC) and non-voting common stock (NYSE: MKC/V). This structure has historically provided stability and protected against hostile takeover.

The company expanded internationally from the 1950s onward, establishing manufacturing and distribution in Europe and Asia. McCormick acquired Old Bay seasoning in 1990, the iconic Baltimore crab seasoning brand, and Lawry's seasoning salts in 2008, adding two of the most recognisable seasoning brands in the United States to its portfolio.

The 2017 Reckitt Benckiser food acquisition transformed McCormick's profile from a spice-dominant company to a more balanced spice and condiment business. French's mustard, as the number-one selling yellow mustard in the United States, and Frank's RedHot, the dominant hot sauce brand by retail value, significantly increased McCormick's consumer brand revenue and visibility.

In 2020, McCormick acquired Cholula hot sauce for approximately $800 million, adding a premium Mexican-heritage hot sauce to its portfolio alongside Frank's RedHot.

In FY2025, McCormick reported net sales growth of 2% driven by volume and pricing. Operating income was $1.07 billion, and adjusted operating income was $1.09 billion, up 2% from the prior year. Net income was $789 million, with adjusted earnings per share of $3.00, up 2% from $2.95 in 2024. Cash flow from operations was $962 million. The Board authorized a 7% increase to the quarterly dividend, marking the 40th consecutive year of dividend increases and the 102nd year of continuous dividend payments.

On January 2, 2026, McCormick completed the purchase of an additional 25% ownership interest in McCormick de Mexico for $750 million, increasing its ownership to a 75% controlling interest. The acquisition includes a broad portfolio of mayonnaise, spices, marmalades, mustard, hot sauce, and tea sold under McCormick brands in Mexico.

On March 31, 2026, McCormick and Unilever announced a definitive agreement to combine Unilever's food business with McCormick in a transaction valued at approximately $44.8 billion. The deal is structured as a Reverse Morris Trust transaction, intended to be tax-free to Unilever and its shareholders for U.S. federal income tax purposes. Upon closing, Unilever and its shareholders will receive shares equating to 65% of the combined company equity and Unilever will receive a $15.7 billion cash payment. McCormick shareholders will own 35% of the combined company. The combined company will have approximately $20 billion in revenue based on FY2025 data, with brands including McCormick, Knorr, Hellmann's, French's, Frank's RedHot, and Cholula. The transaction is expected to close by mid-2027, subject to McCormick shareholder approval, regulatory approvals, and other customary closing conditions. The combined company expects to realize approximately $600 million in run-rate cost synergies.

McCormick's sustainability strategy is guided by its Purpose-led Performance framework, which aims to deliver top-tier financial results while securing the future of flavor. The company publishes an annual Purpose-led Performance Report tracking progress toward its commitments.

Key sustainability initiatives include sustainable sourcing of spices and herbs, sustainable packaging, and science-based targets for greenhouse gas emissions reduction. McCormick works with farmers and suppliers in spice-producing countries to improve agricultural practices, livelihoods, and supply chain transparency.

The company's Grown for Good framework certifies suppliers against standards for environmental practices, labor conditions, and community impact. McCormick has committed to sourcing 100% of its iconic branded herbs and spices from sustainable sources.

McCormick is not a Certified B Corporation. The company's ethical considerations include fair labor practices in its global supply chain, responsible sourcing of agricultural commodities, and transparency in ingredient labeling. The company faces ongoing scrutiny of its supply chain practices in developing countries where spices are sourced.

• 40 Consecutive Years of Dividend Increases: In November 2025, McCormick's Board authorized a 7% increase to the quarterly dividend, marking the 40th consecutive year of dividend increases and the 102nd year of continuous dividend payments.
• Global Flavor Leadership: McCormick is the brand leader globally in spices and seasonings and one of the brand leaders globally in condiments and sauces.
• Total Shareholder Return: McCormick has averaged 7% annualized total shareholder return over the past decade, outpacing flavor house peers and the packaged food index.
• Innovation Awards: McCormick's product innovations including Finishing Salts, Cholula cremosas, and Schwartz Air Fryer seasonings have been recognized in the food industry for meeting evolving consumer preferences.
• Largest Reverse Morris Trust Transaction: The Unilever Foods combination is the largest RMT transaction involving a European company, as noted by Rothschild, which served as joint-lead financial adviser to McCormick.

Unilever Combination Regulatory Review: The $44.8 billion combination with Unilever's food business is subject to regulatory review in multiple jurisdictions. The deal is expected to close by mid-2027, pending McCormick shareholder approval, regulatory approvals, and Works Council consultation. Given the scale of the transaction and the combined company's market position in condiments and sauces, antitrust scrutiny is expected in the U.S., EU, and other markets. The combined company's dominance in mayonnaise (Hellmann's), mustard (French's), hot sauce (Frank's RedHot and Cholula), and bouillon (Knorr) could raise competitive concerns in specific product categories.

Ownership Dilution Concerns: The Unilever combination will result in McCormick shareholders owning only 35% of the combined company, a significant dilution of ownership. Some analysts have questioned the terms, with RBC analyst James Edward Jones asking why Unilever is disposing of a business dominated by two brands for a minimal control premium and leaving its shareholders with a 55% shareholding. The deal structure means McCormick, despite being the acquirer, will become the smaller partner in the combined entity.

Tariff and Trade Headwinds: McCormick faces elevated costs from global trade dynamics and tariffs in FY2026. CEO Brendan Foley acknowledged these headwinds in the FY2025 earnings release, noting that the company is leveraging productivity initiatives and cost management to mitigate pressures. The company's global supply chain for spices and herbs is exposed to trade policy changes and currency fluctuations.

Private Label Competition: The spice category faces increasing private label competition in grocery retail. Store brands offer lower-priced alternatives to McCormick's branded products, potentially pressuring market share and pricing. McCormick addresses this through brand marketing investment, product innovation, and premium product offerings that differentiate from private label.

Commodity Price Exposure: McCormick is exposed to commodity price fluctuations in spice and herb sourcing. Weather events, geopolitical instability, and supply chain disruptions in spice-producing countries can affect raw material costs and availability. The company manages this through diversified sourcing, long-term supplier relationships, and pricing actions.