McCormick acquires Enrico Giotti6 Dec 2016
McCormick has acquired Italian flavours company Enrico Giotti to expand the breadth of value-added products for its industrial segment including additional expertise in flavouring health and nutrition products.
McCormick has acquired Italian flavours company Enrico Giotti for €120 million ($127 million). Giotti’s annual sales are approximately €53 million ($6 million).The acquisition of Giotti is said to expand the breadth of value-added products for McCormick's industrial segment including additional expertise in flavouring health and nutrition products."The acquisition of Giotti is another important step in the execution of our growth strategy,” said Lawrence E. Kurzius, President and Chief Executive Officer. “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 Europewith 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." "We anticipate strong growth driven by Giotti's expertise in the high growth health and nutrition segment,” said Malcolm Swift, President, Global Industrial and International Business. “The owners and employees of Giotti share with McCormick a great history and commitment to innovation and quality, and we look forward to working with them to achieve continued success." Founded in 1928, Giotti manufactures natural flavours, aromatic herbal extracts, and concentrated juices. The company is privately owned and headquartered in Florence, Italy.
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