Unilever and McCormick have agreed to combine Unilever’s Foods business with McCormick. This new combined company will be a big global leader in flavors, including popular brands like McCormick, Knorr, and Hellmann’s, as well as growing brands like Cholula, Maille, and Frank’s. The combined business will make about USD 20 billion in sales (based on 2025).
After this deal, Unilever will focus only on its Health, Beauty, and Home Care businesses, which made about €39 billion in 2025. These businesses include personal care, wellbeing, beauty, and home care products.
Unilever and its shareholders will get 65% of the new combined company in stock, plus USD 15.7 billion in cash. This cash will help cover costs, pay down debt, and support share buybacks between 2026 and 2029.
The deal values Unilever Foods at USD 44.8 billion, which is similar to current trading values for top food companies.
According to Coherent Market Insights, the Food Flavor Market is projected to grow at a CAGR of 4.8% during 2026 to 2033. Currently, the market is at USD 20.27 Billion in 2026 and is expected to be around USD 28.14 Brillion by 2033. The food flavor market continues to expand as consumers actively look for diverse, authentic, and innovative taste experiences across food and beverage products. Growing interest in processed, convenient, and foods additives is boosting the use of natural and synthetic flavor formulations.
"This transformative combination accelerates McCormick’s strategy and reinforces our continued focus on flavour. The Unilever Foods business is one we have long admired, with a portfolio that complements our existing business, capabilities and long-term vision. Together, we will be better positioned to accelerate growth in attractive categories. This combination will create a diversified flavour leader with a robust growth profile that remains differentiated by its focus on flavouring calories while others compete for them.
Source:
News Release: Palo Alto Networks
Company: Unilever