FDBusiness.com

McCormick Completes €72 Million Acquisition of Italian Spices and Seasonings Business

 Breaking News
  • First Milk to Cut 30 Jobs Following a thorough review of its manufacturing operations, First Milk, the UK dairy farmers co-operative, is to planning to make changes to its Lake District and Haverfordwest creameries to improve the productivity and efficiency of these sites. Shelagh Hancock, chief executive of First Milk. Shelagh Hancock, chief executive of First Milk, comments: “We have made significant capital [...]...
  • UK Regional Governments Do Not Trust London on Food “The political dimension means that common sense may not always prevail,” said David Thomson (pictured above), CEO of Food and Drink Federation Scotland, about the current Brexit negotiations and their impact on the food and drink industry in Scotland and the UK. He stressed the importance of heightening the profile of the food and drink [...]...
  • Ireland’s Ancient East Food and Drink Guide for Visitor Experiences Launched Fáilte Ireland (National Tourism Development Authority) has launched ‘Ireland’s Ancient East – A Guide for Food and Drink Visitor Experiences’ for food businesses who wish to diversify into tourism in Ireland’s Ancient East region. The guide will provide businesses with the tools to help give visitors an unforgettable experience by sharing the great stories of our [...]...
  • 10,000 Ghana Cocoa Farmers Able to Receive Premium Payments By Mobile Phone Cargill has made its first ever sustainable premium payment by electronic transfer to cocoa farmers in Ghana. Just over 10,000 farmers are benefiting from the 2 million GHS mobile payments made by Cargill in partnership with its customers through the Cargill Cocoa Promise, Cargill’s commitment to improving the livelihoods of farmers and communities that will secure a [...]...
  • Bridge2Food Announces Finalists in Protein Awards 2017 The finalists have been announced for the Bridge2Food Protein Awards 2017 which celebrate those creating new plant-based and high protein foods and ingredients, driving growth and innovation in the Protein industry. The finalists for each category are as follows: Best Plant-based Food: awarded to a company or individual that has created a new plant-based food. Beyond Meat [...]...

McCormick Completes €72 Million Acquisition of Italian Spices and Seasonings Business

McCormick Completes €72 Million Acquisition of Italian Spices and Seasonings Business
June 02
11:41 2015

McCormick & Company, the US-based global flavour specialist, has completed the purchase of 100% of the shares of Drogheria & Alimentari, a privately held company based in Italy. McCormick announced the agreement to acquire D&A on February 20, 2015.

D&A is a leader in spices and seasonings in Italy. Annual sales are approximately €50 million ($55 million), with 80% in Italy and 20% from exports to 60 other countries.

McCormick expects to record an acquisition price of €72 million ($79 million) subject to certain closing adjustments. The expected purchase price consists of a cash payment of approximately €50 million and a potential earn-out payment in 2018 of up to €35 million based upon the performance of the business, with a preliminary acquisition-date fair value of €22 million.

The addition of the D&A business complements McCormick’s strong brands across Europe and expands the company’s global leadership in spices and seasonings with a sizeable footprint in Italy.

Founded in 1880, D&A has approximately 120 employees and a modern manufacturing facility located inFlorence, Italy.  As a supplier of both brand and private label products, D&A has approximately one third of the spice and seasoning category in Italy and exports its products to 60 other countries.

McCormick anticipates strong growth for these premium products, particularly in the US and key international markets where consumers are seeking unique and authentic ethnic flavours. McCormick expects to work with the former owners of the business and in the near-term, grow annual sales of D&A products at a mid-single digit rate.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 19, 2017PROCESS EXPO 2017
  • September 22, 2017Global Summit on Food & Beverages
  • September 26, 2017FHM2017
  • September 26, 2017POWTECH
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements