 |
 |
In one of the most challenging environments we have faced, McCormick reached a number of new heights in 2008. We exceeded
$3 billion in sales for the first time and seamlessly assimilated our largest acquisition ever. We reached $56 million in annual cost savings from our restructuring program and increased our marketing support 13%. We are confident that our proven growth strategies, leading market positions, great people and strong leadership will continue to serve us well as a global industry leader and as an investment.
I am extremely proud of how McCormick employees around the world responded and steadfastly focused on the four operational priorities we set early in the year — performance, growth, cash and people. Because of their commitment and creativity, we made great progress in each of
these areas.
We achieved solid performance
throughout the organization.
We grew net sales 9% to $3.2 billion, well beyond our initial goal of 4 to 6% growth. Acquisitions, favorable pricing, currency exchange rates, new products and marketing programs drove this higher performance.
Consumer business sales rose 11%, due in part to increased marketing efforts to support our brands and help launch new products, as well as our success in adding new distribution with growing customers. Sales in the U.S. and Asia/Pacific region were particularly strong. Operating income for this segment rose 9%, excluding restructuring and impairment charges.
Equally impressive was the 7% sales increase our industrial business achieved despite weakness among restaurant customers. We successfully offset higher costs with pricing actions, and grew operating income 6% in 2008, excluding restructuring charges. continued>>
|
|
|
