McCormick & Company Purchases FONA International For $710M
HUNT VALLEY, Md. (WJZ) -- McCormick & Company, Inc. announced Wednesday it purchased FONA International, LLC for $710 million in cash.
FONA International is the leading manufacturer of clean and natural flavoring solutions for food, beverage and nutritional markets.
"The acquisition of FONA reinforces McCormick's global growth strategy as FONA expands the breadth of our flavor solutions segment into attractive categories, as well as extends our technology platform and strengthens our capabilities," Lawrence E. Kurzius, Chairman, President and Chief Executive Officer of McCormick said. "This acquisition also accelerates the strategic migration of our portfolio to more value-added and technically insulated products and thus, is expected to be accretive to gross margin. FONA's portfolio is highly complementary to McCormick's and will provide our customers with an even more comprehensive product offering to meet the growing demand for clean and flavorful eating, drinking and nutrition experiences."
McCormick is hoping to expand into health and performance products.