JPM | US Special Situations Daily: July 23, 2026: North America Special Situations Specialist Commentary

Research evidence excerpt

JPM | US Special Situations Daily: July 23, 2026: North America Special Situations Specialist Commentary

ounced details of its planned operating model, executive leadership team, and secondary listing location

for the company after its proposed combination with Unilever’s Foods business, expected to close by mid-2027. MCK

noted that integration planning is progressing well and emphasized that the combined company is being structured to

create a global flavor leader with stronger innovation, disciplined execution, and long-term growth potential.

• After closing, McCormick plans to reorganize into four commercial divisions: Americas Consumer, International

Consumer, Global Food Service, and Global Flavor. The consumer business will be split geographically, with Americas

Consumer expected to generate about $8 billion in 2025 annual sales and International Consumer about $7 billion. Global

Food Service is expected to have $4 billion in 2025 sales, combining Unilever’s back-of-house and chef-focused expertise

with McCormick’s brand-driven front-of-house strengths. Global Flavor, with expected 2025 sales of $2.5 billion, will

focus on customized flavors, seasonings, condiments, and coatings for global food, beverage, health, and restaurant

customers.

• The company intends to maintain its primary listing on the New York Stock Exchange while seeking a secondary listing

on the London Stock Exchange at closing. McCormick said the London listing is intended to reflect the global nature of

the combined company and Unilever’s shareholder base, while improving liquidity and capital flows. The combined

company will keep its global headquarters in Hunt Valley and establish an international headquarters in the Netherlands,