McCormick & Company Inc., known for its place on the spice racks of many American households, announced today it has purchased 100% of the shares of FONA International and its affiliates.
FONA is a manufacturer of natural flavors which has a customer base throughout many food, beverage, and nutritional markets. According to an announcement, McCormick acquired the business for $710 million in cash.
FONA's annual sales are said to be approximately $114 million. According to a release, those numbers are expected to grow at a mid-to high-single- digit rate. The firm currently has 220 employees within its state-of-the art manufacturing and technical innovation center at its headquarters in Geneva, Illinois, just outside of Chicago. Maryland-based McCormick has more than $5 billion in annual sales across 160 countries and territories and is well known for its flavorful brands such as French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's.
