McCormick & Company, Inc. (NYSE: MKC), a global leader in flavor, today
will discuss plans to drive continued sales and earnings growth at their
investor conference titled "A World of Flavor." Through acquisitions,
the expansion of leading brands and customized flavor solutions for
industrial customers, the company is increasing its global footprint to
meet the growing demand for flavor by consumers worldwide.
In the U.S., consumption of spices has grown almost three times as fast
as population growth. Today, 87% of consumers say taste is the most
important driver of food selection, and 69% like to try new flavors, an
increase of 5% in the past two years according to the Institute of Food
Technologists. Outside of the U.S., similar forces are driving consumer
demand for flavor. The company has a particular interest in emerging
markets and expects 20% of sales to come from these markets by 2015.
With a growing middle class, consumers in emerging markets have an
increased interest in the quality and convenience of branded packaged
spices and seasonings.
Alan Wilson, Chairman, President & CEO and other McCormick executives
will present the key initiatives that are driving sales performance
across the company. With a globally coordinated set of growth
strategies, the company is improving its effectiveness in serving a
broad range of customers that include local grocery chains,
multi-national retailers, quick service restaurants and leading food
manufacturers. This breadth of customers, along with a vast and
customizable portfolio of flavors, allows McCormick to share its passion
for flavor every day, no matter where or what consumers eat.
McCormick is investing in its business with brand marketing support and
acquisitions, and fueling this growth with productivity improvements
through its Comprehensive Continuous Improvement program. Long-term, the
company expects to achieve annual growth of 4-6% in sales, 7-9%
operating income and 9-11% earnings per share. Along with a commitment
to annual dividend increases, these financial objectives should lead to
a double-digit increase in total shareholder return for McCormick
Mr. Wilson plans to conclude the conference with comments on McCormick's
strong foundation, effective strategy and exciting future. The company
anticipates an increased demand for flavor worldwide and is taking a
global approach to meeting this demand with investments, growth
initiatives and superior resources. Company leaders have a strategy to
deliver high performance, and a talented team committed to success and
building value for McCormick shareholders.
As previously announced, McCormick will have a live webcast of the
investor conference beginning today at 1:00 pm Eastern Time. Go to ir.mccormick.com
and follow directions to listen to the presentation and view the
accompanying presentation materials. A replay of the presentation,
available following the event, past press releases and other information
can also be found at this address.
Certain information contained in this release, including statements
concerning expected performance such as those relating to net sales,
earnings, cost savings, acquisitions and brand marketing support, are
"forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act of 1934. These statements may be identified by
the use of words such as "may," "will," "expect," "should,"
"anticipate," "believe" and "plan."
These and other 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, changes in regulatory requirements, and global
economic conditions generally which would include the availability of
financing, interest, inflation rates and investment return on retirement
plan assets, as well as foreign currency fluctuations, risks associated
with our information technology systems, the threat of data breaches or
cyber attacks, 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.
McCormick & Company, Incorporated is a global leader in flavor. With
more than $3.5 billion in annual sales, the company manufactures,
markets and distributes spices, seasoning mixes, condiments and other
flavorful products to the entire food industry - retail outlets, food
manufacturers and foodservice businesses.
Every day, no matter where or what you eat, you can enjoy food flavored
by McCormick. McCormick Brings Passion to Flavor.
To learn more please visit us at www.mccormickcorporation.com.
McCormick & Company, Inc.
Joyce Brooks, 410-771-7244