Summary

• McCormick benefits from scale advantages in sourcing, differentiated capabilities across savory, citrus, sweet and 'heat' flavor profiles, and a global innovation and commercialization platform.
• Management has articulated a strategy to expand operating margins within its Flavor Solutions segment while investing behind higher-growth platforms such as its heat portfolio.
• We believe shares trade at a reasonable valuation relative to the quality and durability of the business.
• McCormick announced the acquisition of Unilever's Foods business, which would expand its scale across retail and foodservice channels.

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