McCormick & Co. has acquired Fona International, a leading manufacturer of clean and natural flavors for $710 million in cash. McCormick anticipates that the acquisition will broaden its product offerings and accelerate flavor growth, expand its capabilities and technology platforms, and enhance customer intimacy and partnerships, among other things.
"Fona's portfolio is highly complementary to McCormick's and will provide our customers with an even more comprehensive product offering to meet the growing demand for clean and flavorful eating, drinking and nutrition experiences,” said Lawrence E. Kurzius, chairman, president and CEO of McCormick.
"The Slawek family is very proud of the customers, the employee culture and the company we have built,” said Joseph Slawek, founder, CEO, and chairman of Fona International. “We are excited to see the next generation of Fona flourish as part of McCormick. We are confident McCormick will further enable Fona's forward momentum by continuing to make investments in growth initiatives, capabilities and people. Fueled by the power of McCormick, Fona's success will be accelerated. Fona, in turn, will be a key driver in advancing McCormick's global flavor leadership."
Related: McCormick to Acquire Cholula Hot Sauce; Report: 2021 Will See Much 'Portfolio Reshaping.'