View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 29, 2016

McCormick to buy Italian flavours business Enrico Giotti

US spices and seasonings group McCormick & Co. said today (29 November) it is to acquire Italian flavours business Enrico Giotti.

US spices and seasonings group McCormick & Co. said today (29 November) it is to acquire Italian flavours business Enrico Giotti.

The deal will see McCormick pay around EUR120m (US$127m) subject to certain closing adjustments.

McCormick said the acquisition of the Florence-based Giotti, which is expected to be completed next month, “expands the breadth of value-added products” for its industrial segment “including additional expertise in flavouring health and nutrition products”.

Lawrence Kurzius, McCormick’s president and CEO, said: “The acquisition of Giotti is another important step in the execution of our growth strategy. With this acquisition, we add greater scale to our already substantial industrial segment business in the Europe, Middle East and Africa region.” 

Malcolm Swift, president of McCormick’s global industrial and international business, added: “We anticipate strong growth driven by Giotti’s expertise in the high-growth health and nutrition segment.”

Privately-owned Giotti’s annual sales are around EUR53m, McCormick said. Founded in 1928, Giotti manufactures natural flavours, aromatic herbal extracts, and concentrated juices.  

Related Companies

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food