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.
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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.
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By GlobalData
