Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

McCormick Outlines Strategy for Growth at CAGNY Conference

Executives from McCormick & Company, Incorporated (NYSE:MKC) addressed institutional investors and industry analysts today during a presentation at the Consumer Analyst Group of New York Conference in Boca Raton, FL.

In the presentation, Alan Wilson, Chairman, President and CEO, outlined the Company’s growth platforms – those categories where McCormick leads today, which offer compelling opportunities for growth in the year ahead. As defined, these growth platforms establish a global framework for product innovation, brand marketing and acquisitions.

“Spices, herbs and seasonings have historically been - and continue to be - the Company’s largest growth platform but we also have leading positions in dry seasoning and recipe mixes, homemade desserts and baking products, and condiments, sauces and spreads across a number of regions,” said Mr. Wilson. “Consumers today are using flavor more and in new and exciting ways. Personal at-home cooks, professional chefs, foodservice professionals – everywhere we see our customers pushing the limits of flavor, and they are doing it leveraging McCormick’s unique global portfolio of products. This is what we are sharply focused on – harnessing and channeling this aggressive passion for flavor.”

When discussing the Company’s investment strategy for the year ahead, Mr. Wilson talked about how acquisitions and joint ventures have played a role in growing the McCormick portfolio. The Company has made particularly impressive progress in emerging markets which it expects to grow to 12 percent of sales by 2015 from 9 percent in 2010.

Mr. Stetz, Executive Vice President & CFO, detailed how the Company is investing in brand marketing, product innovation and acquisitions to increase sales and profits, and fueling this growth with margin improvement. “McCormick’s Comprehensive Continuous Improvement program (CCI), which has been in place for two years, engages employees throughout the organization in productivity improvement and cost savings,” said Mr. Stetz. “Following $54 million of cost reductions in 2010, McCormick expects to deliver at least $40 million of savings in 2011. We’re proud of our success in 2010 and we’re confident of our plans for 2011.”

“Our passion for flavor, our uniquely collaborative culture and our high quality and healthful spices and flavors allow us to make a difference in the way people create and experience food,” said Mr. Wilson. “Making food more distinctive and enjoyable – in a world where people are craving more flavor and new tastes - is what inspires our employees and makes McCormick uniquely positioned for success.”

Forward-looking Information

Certain information contained in this release, including expected trends in net sales and earnings performance, are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, and global economic conditions generally which would include the availability of financing, interest and inflation rates as well as foreign currency fluctuations and other risks described in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor, with the manufacturing, marketing and distribution of spices, seasonings, specialty foods and flavorings to the entire food industry – retail outlets, food manufacturers and food service businesses.

Contacts:

McCormick & Company, Incorporated
Corporate Communications:
Lori Robinson, 410-527-6004
lori_robinson@mccormick.com
or
Investor Relations:
Joyce Brooks, 410-771-7244
joyce_brooks@mccormick.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.