According to a recent Food Business News Article by Keith Nunes, McCormick & Co. has announced its intent to acquire FONA International. FONA primarily services the food, beverage, and nutrition markets through the manufacturing of different kinds of flavors. This is the company’s second major acquisition announcement during the fourth quarter. Earlier in November, McCormick had announced the $800 million acquisition of the Cholula Hot Sauce Brand.
McCormick & Co CEO Lawrence Kurzius was quoted saying, “The acquisition of FONA reinforces McCormick’s global growth strategy as FONA expands the breadth of our flavor solutions segment into attractive categories, as well as extends our technology platform and strengthens our capabilities.” FONA sales are projected to be $114 million for 2020.
Quazar Capital was not involved in this transaction.
Read the Full Article Here: https://www.foodbusinessnews.net/articles/17584-mccormick-co-acquires-fona-international-for-710-million
