We will continue to use our strong cash flow wisely by balancing dividends, capital expenditures, acquisitions and stock repurchases.

What else should a prospective investor know about McCormick?

GORDON > McCormick has been aggressive in pursuing margin improvement. We have been willing to challenge all areas of our business, including systems, facilities and organization. We see opportunities ahead to optimize our business.     While our financial objectives may seem aggressive, we are convinced they are achievable. Sales growth of 4 to 6% and earnings per share growth of 9 to 11% are in line with

our long-term track record. The momentum and initiatives underway give us the confidence to set and share these long-term projections.

BOB > This confidence is based on the abilities and enthusiasm of McCormick employees around the world, as well as the experience and motivation of the leadership team.
    Throughout the Company, we have a deep culture of hard work and ethics that has endured significant changes to the business. Our Multiple Management philosophy lays the foundation by encouraging the participation and inclusion of all employees.
    I’m pleased that we have seamlessly transitioned to a new executive team. This team has the drive and knowledge to lead McCormick through its next generation of growth.

ALAN > Our strategy for growth is to improve margins, invest in the business and grow sales and profits. It’s a simple strategy, but one that is known and understood by our employees around the world. It has been behind our success in nearly tripling earnings per share and more than doubling the market capitalization of this Company in the past 10 years.
    This strategy is both effective and sustainable, and it will guide us through McCormick’s next period of growth.