2010 Annual Report
Founded in 1889, McCormick is a global leader in delivering great flavor.
Drawing upon a heritage in spices and herbs, our products today include seasoning blends, condiments, ethnic foods, homemade desserts and other specialty items. Through geographic expansion and acquisitions, consumers can now buy our brands in more than 100 countries. And our industrial business flavors snacks, wraps, beverages and much more for customers, which include global restaurant chains and leading food manufacturers.
No matter what you eat, each and every day you are likely to taste something flavored by McCormick.
McCormick has the leading brand of spices and seasonings in each of its major markets, as well as many other top brands. Examples include a #1 share of wet marinades in the U.S., a #1 share of homemade desserts in France, a #1 share of honey in Canada and a #1 share of gelatin in Australia.
While our products might be only 10% of the cost of a meal, they can deliver 90% of the flavor!
For the past five years, our annual sales have grown at an average rate of 5%.
New products launched in the past three years for restaurants and food manufacturers accounted for 15% of our industrial business sales in 2010.
Since 1980, U.S. spice consumption has grown almost three times as fast as population growth. Americans enjoy more than a billion pounds of spices and herbs annually.
Up from 60% ten years ago, today 70% of our sales are products to which we have added value—whether that’s a creative blend of flavors, convenient preparation or unique packaging.
of Ground Ginger
This is the amount sold during the Christmas holiday period in the United States. It is enough to produce 450 million gingerbread men which could circle the Earth nearly one and a half times!
The spice and seasonings category is one of the most profitable for U.S. food retailers. We work closely with our customers worldwide to optimize the assortment, placement and promotion of our products.
We exceeded the 2010 environmental goals set in 2005 by reducing water usage 26%, greenhouse gas emissions 23%, solid waste 22% and electricity 17% per unit of production.
Since 2000, a double-digit compound annual growth rate in our earnings per share and higher dividends has led to an annual total shareholder return of 11% which exceeds the returns of the S&P 500 stock index and the food group.
Our McCormick High Performance System engages employees and creates an inclusive environment. Our employees are the key ingredient in our success.
This is an interactive electronic version of McCormick & Company 2010 Annual Report to Shareowners, and it is intended to be complete and accurate. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF format on this web site.
© 2011 McCormick & Company, Incorporated