McCormick & Co profits climb in 2010

Posted by Nicole Eckersley on 27th January 2011

US spice giant McCormick & Co. has booked an increase in full-year profits, driven by product innovation and expanded distribution during the year.

For the 12 months to the end of November, profits increased 14.7% to US$370.2m. Operating profit climbed 5.5% to $509.8m, the firm reported today (26 January). Sales reached $1.99bn, up from $1.91m a year ago.

Alan Wilson, McCormick’s chairman, president & CEO, said: In an economic environment that remains difficult in many of our major markets, we delivered strong financial performance that met or exceeded each of our financial goals for 2010. Our growth initiatives and operational achievements drove increases in both sales and profit.”

In the fourth quarter, profits rose 10% to $133.6m, while operating profits edged up 0.2% to $185.4m.

Sales in the period reached $638m from $605m in the prior-year period.

Looking ahead, McCormick said it expects sales to grow 5% – 7% in local currency. New products, brand marketing and expanded distribution -in both developed and emerging markets – are expected to grow sales 2%-4%, the firm said.

Earnings per share are expected to be in a range of $2.80 to $2.85 – a 6% – 8% increase from 2010 on a comparable basis.

McCormick shares were at $46.32 at close of trading on Tuesday.

Unilever moves Australasia boss to head western Europe

  • January 24, 2011
  • source: just-food

Unilever has named the head of its operations in south-east Asia and Australasia as president of its business in western Europe.Jan Zijderveld, Unilever’s executive vice president for south-east Asia and Australasia, replaces Doug Baillie in western Europe. Baillie has been named as Unilever’s chief HR officer, following the recent departure of Sandy Ogg.

“Jan will bring considerable experience of both Asian and European markets to his new role, building on the competitive position already established, ensuring fast, pan- European delivery of innovation into the marketplace – and integrating the Sara Lee and Alberto Culver acquisitions when the latter has received regulatory clearance,” Unilever chief executive Paul Polman said.

“Doug will bring the customer and consumer focus he has employed to such good effect in transforming the Western Europe business and bringing it back to growth to bear on a critical global role, while his experience in both developed and emerging markets will help us win the war for talent.”

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