Baltimore-based food giant McCormick & Co. is acquiring a massive chunk of British conglomerate Unilever, the second-largest deal in history between food companies. The deal will see Unilever focus on personal care and beauty products, while McCormick expands its pantry with popular brands like Hellmann’s Mayonnaise and Marmite.
McCormick will keep control of the combined company’s leadership and remain headquartered in Hunt Valley, but expand its global footprint with an international base in the Netherlands. The deal triples McCormick’s annual revenue, making it a “big swing” according to Barclays analyst Andrew Lazar.
The acquisition has sparked debate about how it will affect McCormick’s workforce, particularly in Maryland, where 2,500 employees work for the company. While executives have assured employees of no immediate changes, there are concerns that layoffs could result from the deal.
Industry experts say the deal is a strategic move by McCormick to expand its portfolio and stay relevant in a changing market. “This move shows how companies can grow globally while staying rooted in our community,” said Dakarai Turner, spokesperson for Baltimore County Executive Kathy Klausmeier.
Source: https://www.thebanner.com/economy/mccormick-unilever-deal-maryland-impact-Q7K6TTIXX5CSTKYMB5X63AXJ3U