Spices company McCormick has outlined its strategic imperatives of growth, performance and people, noting that it is achieving strong growth and that its products are well-aligned with increased consumer demand for flavourful, healthy eating.
Spices company McCormick has outlined its strategic imperatives of growth, performance and people.The company said that it is achieving strong growth with an advantaged portfolio and leading brands and that its high quality products are well-aligned with increased consumer demand for flavourful, healthy eating. Strategies driving growth include brand marketing, innovation, acquisitions and customer intimacy.McCormick said that its Comprehensive Continuous Improvement (CCI) program is providing fuel for growth and improving profitability. Led by CCI, cost savings reached a record $98 million in 2015. The company said it expects to generate $400 million of cost savings over the next four years. With effective growth strategies, strong leadership and engaged employees, the company said its long-term financial outlook is for annual growth of 4% to 6% in sales, 7% to 9% in operating income and 9% to 11% in earnings per share. In addition, the company expects to generate strong cash flow and to continue to return a significant portion of that cash to its shareholders. "With our strong record of increased dividends,” said Lawrence Kurzius, CEO, “McCormick shareholders should expect a double-digit increase in total shareholder return, which through our latest fiscal year, we have achieved for the past 1-, 5-, 10- and 20-year periods."