McCormick & Company (MKC) investor relations material

Business Strategy and Market Positioning

• Focus on building a global, flavor-centric company with trusted brands and a differentiated, robust portfolio across consumer and flavor solutions segments.

• Expansion into new growth opportunities is driven by the combination with Unilever Foods, aiming to create a pure-play global flavor leader with $20 billion in sales and a balanced geographic profile.

• The combined company will have increased exposure to high-growth emerging markets, diversified presence across North America, Europe, Latin America, and Asia-Pacific, and enhanced distribution reach.

• Growth strategy includes winning in key markets, expanding high-potential brands globally, driving scalable innovation, and capturing global food service opportunities.

• Differentiation is driven by enduring leadership, a broad global portfolio, and a proven productivity program, leveraging competitive advantages and targeted high-return investments.

Proposed Combination with Unilever Foods

• The combination creates a $20B company with iconic global and local brands, enhancing geographic balance and distribution reach.

• Strategic rationale includes exposure to advantaged categories, margin expansion, and reinvestment opportunities.

• The combined operating model leverages complementary strengths across consumer, food service, and flavor solutions divisions.

• A new executive team blends top talent from both organizations to drive integration and growth.

• The merger is expected to deliver significant synergies, earnings accretion, and shareholder value.

Integration and Synergy Plans

• Integration with Unilever Foods is on track, with detailed action plans to achieve $600 million in net cost synergies, two-thirds expected by year two post-close and the remainder by year three.

• Synergies will be driven by SG&A (50%), procurement (40%, targeting $240M), and manufacturing/logistics (10%), with procurement savings focused on commercial and technical optimization.

• Integration management office and cross-functional teams are in place, leveraging experience from prior acquisitions and ensuring disciplined execution, with over 200 team members mobilized.

• Transition Service Agreements (TSAs) will ensure business continuity, with phased exit over two years and minimal disruption to commercial operations.

• Unilever Foods will be fully carved out as a standalone organization pre-close, facilitating a smoother integration process.