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Benzinga
  • 5 minutes ago
McCormick and Unilever's foods division confirmed a merger creating a $29.1B combined entity with $20B in 2025 revenue and $600M in targeted cost savings. Unilever and its shareholders will hold 65% while McCormick shareholders retain 35%, with Unilever receiving $15.7B in cash. The deal closes by mid-2027 and supports Unilever's pivot toward beauty and wellness.
Transcript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02McCormick said Tuesday it will combine with Unilever's foods division
00:06as packaged food companies respond to inflation and shifting consumer demand, according to AP.
00:12The merger follows a wave of packaged food industry deals and restructurings
00:16as companies respond to inflation and shifting consumer preferences.
00:20The combined company will keep McCormick's name and leadership.
00:24Unilever and its shareholders will own 65% of equity valued at $29.1 billion
00:29and McCormick shareholders will own 35%.
00:33Unilever will receive $15.7 billion in cash.
00:37The companies expect $20 billion in 2025 revenue and $600 million in annual cost savings.
00:44The deal is expected to close by mid-2027 pending approvals and excludes certain regional businesses.
00:50Unilever said the move aligns with its shift toward beauty and wellness
00:54as its food sales fell 3% last year.
00:57For all things money, visit Benzinga.com.
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