Post 200 -- McCormick & Co. Inc., Main Company Page
Publish date: 2024-07-12
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McCormick & Co. Inc. |  |
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 1,732,506 | 2.4 |
| Net Income | 41,918 | (57.0) |
| Rank Last Year: 6 | ||
Description:
McCormick is the world's largest provider of spices, flavorings and seasonings to retail and industrial food-service customers.
Business Resume:
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McCormick said 1996 was a "turnaround" year after it beat back a costly challenge by Australia's Burns, Philp & Co., producer of the Spice Island and Durkee French brands. The 108-year-old Maryland company hoisted a victory flag after posting a 20 percent gain in earnings for its fourth fiscal quarter ended in November, the first increase after six quarters of profit declines or losses. To beat back Burns, Philp, McCormick raised $263.3 million last year through the sale of holdings in California, including its Gilroy Foods garlic and onion business. It launched a buyback of its publicly traded, nonvoting stock, purchasing 4.5 million shares as of March. And it invested heavily in advertising and in contracts with retailers to reserve shelf space for its products.
At the beginning of this year, Charles P. "Buzz" McCormick Jr., grand-nephew of the company's founder, relinquished his title of chief executive to company President Robert J. Lawless. McCormick, who remains chairman, had come out of retirement in 1995 to lead the company.
Copyright 1997 The Washington PostncG1vNJzZmivp6x7uK3SoaCnn6Sku7G70q1lnKedZMSxedKrrWiapai2r7HSrGalp56cwaa%2BzGinqKukZ31xe8Oaq5pnkpu6pHyPbmWhrJ0%3D