McCormick Highlights Growth Initiatives At Investor Conference
SPARKS, Md., Sept. 6, 2012 /PRNewswire/ -- McCormick & Company, Incorporated (MKCV) (NYSE: MKC), a global leader in flavor, today will highlight progress behind key growth initiatives during a presentation at the Barclays Capital Back-to-School Consumer Conference in Boston, MA. With nearly 10,000 employees, brands reaching more than 110 countries and locations in 24 countries, McCormick is bringing passion to flavor to consumers around the world.
Alan Wilson, Chairman, President & CEO and Ken Stickevers, President U.S. Consumer Products Division, will discuss the high quality and healthful spices and flavors that make a difference in the way people create and experience food. As a category leader, McCormick is investing behind brand marketing support and is shifting more toward digital marketing, which has a particularly strong return on investment. Innovation is driving sales growth for both the consumer and industrial businesses, and the company has set a goal for the percentage of sales from new products launched in the past three years to comprise 10 to 12% of annual sales by 2015. Acquisitions have provided another avenue of growth, with a focus on emerging markets. By 2015, 20% of sales are expected to be in emerging markets, up from 10% in 2011.
The company will reaffirm its long-term financial objectives and its outlook for 2012. This 2012 outlook includes 9 to 11% sales growth in local currency, a 9 to 11% increase in operating income and earnings per share of $3.01 to $3.06. While material costs remain volatile and foreign currency exchange rates are expected to have an unfavorable impact in 2012, McCormick is effectively navigating these challenges. The company's success is based on a solid foundation and strong momentum. Global demand for flavor is growing, and McCormick has a strategy to deliver high performance and a talented team committed to success.
Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "believe" and "plan." These statements may relate to: the expected results of operations of businesses acquired by us, the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, the expected productivity and working capital improvements, expected trends in net sales and earnings performance and other financial measures, the expectations of pension and postretirement plan contributions, the holding period and market risks associated with financial instruments, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, our ability to issue additional debt or equity securities and our expectations regarding purchasing shares of our common stock under the existing authorizations.
These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber attacks, and other risks described in the company's filings with the Securities and Exchange Commission.
Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
McCormick & Company, Incorporated is a global leader in flavor. With more than $3.5 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry retail outlets, food manufacturers and foodservice businesses.
Every day, no matter where or what you eat, you can enjoy food flavored by McCormick. McCormick Brings Passion to Flavor".
To learn more please visit us at www.mccormickcorporation.com.
For information contact:
Joyce Brooks (410) 771-7244 or firstname.lastname@example.org
Lori Robinson (410) 527-6004 or email@example.com
SOURCE McCormick & Company, Incorporated