McCormick & Co. of Sparks, Maryland, will acquire Enrico Giotti SpA, a major Italian flavor manufacturer located in Florence, Italy.
Giotti is known in the industry for its innovative beverage, sweet, savory and dairy flavor applications. Annual sales are nearly $56 million.
McCormick officials say the acquisition expands the breadth of value-added products for its industrial segment, including additional expertise in flavoring health and nutrition products.
McCormick President and CEO Lawrence Kurzius said, “The acquisition of Giotti is another important step in the execution of our growth strategy. McCormick is a leading flavor supplier to packaged food companies and multi-national restaurants, and this acquisition expands the breadth of our value-added flavor solutions in Europe with strong and innovative R&D capabilities. With this acquisition, we add greater scale to our already substantial industrial segment business in the Europe, Middle East and Africa region.”
The transaction is expected to be completed in December.