McCormick to Acquire Giotti

McCormick & Company, Incorporated will acquire 100% of the shares of Enrico Giotti SpA, a leading Italian flavor manufacturer located in Florence, Italy.
Giotti is well known in the industry for its innovative beverage, sweet, savory and dairy flavor applications. Annual sales are approximately 53 million Euro (56 million U.S. dollars).
The acquisition of Giotti expands the breadth of value-added products for McCormick's industrial segment including additional expertise in flavoring health and nutrition products.
McCormick plans to acquire the business for a cash payment of approximately 120 million Euros (127 million U.S. dollars), subject to certain closing adjustments.
Lawrence E. Kurzius, president and CEO said that the acquisition of Giotti is another important step in the execution of the company’s growth strategy in Europe with strong and innovative R&D capabilities.  With this acquisition, it will add greater scale to its “already substantial industrial segment business in the Europe, Middle East and Africa region,” according to him.
Founded in 1928, Giotti is a leading manufacturer of natural flavors, aromatic herbal extracts, and concentrated juices.  The company is privately owned and headquartered in Florence, Italy.