ADDED
On January 2, 2026, we completed the purchase of an additional 25% ownership interest in McCormick de Mexico.
The purchase price was $750 million, which increased our ownership to a 75% controlling interest.
We believe the acquisition creates opportunities for further growth in the Mexican market and provides a strategic platform for further expansion in Latin America.
McCormick de Mexico is a prominent food company in Mexico, with a broad portfolio, including mayonnaise, spices, marmalades, mustard, hot sauce, and tea, sold under McCormick brands.
In 2025, the Consumer segment contributed approximately 58% of consolidated net sales and 67% of consolidated operating income, and the Flavor Solutions segment contributed approximately 42% of consolidated net sales and 33% of consolidated operating income.
Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.
Pepper, along with various spices and herbs, is generally sourced from countries outside the U.S.
Raw materials such as dairy products, onion and soybean oil are primarily obtained locally, either within the U.S.
Sales to one of our Consumer segment customers, Wal-Mart Stores, Inc., accounted for consolidated sales of approximately 12% in 2025, 2024, and 2023.
Sales to one of our Flavor Solutions segment customers, PepsiCo, Inc., accounted for consolidated sales of approximately 12% in 2025, and 13% in both 2024 and 2023.
REMOVED
In 2024, the consumer segment contributed approximately 57% of consolidated net sales and 69% of consolidated operating income, and the flavor solutions segment contributed approximately 43% of consolidated net sales and 31% of consolidated operating income.
Raw Materials The most significant raw materials used in our business are dairy products, pepper, onion, garlic, capsicums (red peppers and paprika), tomato products, sugar and salts.
Pepper and other spices and herbs are generally sourced from countries other than the U.S.
Other raw materials, like dairy products and onion, are primarily sourced locally, either within the U.S.
Sales to one of our consumer segment customers, Wal-Mart Stores, Inc., accounted for consolidated sales of approximately 12% in 2024, 2023 and 2022.
Sales to one of our flavor solutions segment customers, PepsiCo, Inc., accounted for consolidated sales of approximately 13% in 2024, 13% in 2023, and 11% in 2022.
In 2024, 2023, and 2022, the top three customers in our flavor solutions segment represented between 47% and 49% of our global flavor solutions sales.
Human Capital We believe in the power of people fostering a culture for our employees that embodies respect and collaboration across the organization.
Our high-performance culture is rooted in shared values and respect for all contributions of every employee.
Our key human capital objectives are to attract, retain, and develop the highest quality talent.