McCormick & Co. Unveils 2023 Purpose-Led Performance Report

McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, has released its 2023 Purpose-led Performance (PLP) Progress Report. This report highlights the company’s advancements in sustainability commitments, goals, and supporting initiatives. McCormick continues to focus on delivering strong financial performance while prioritizing the well-being of people, communities, and the planet.

“I am incredibly proud of the positive impact we have made across our communities as we work towards our PLP goals and continue to enhance shareholder value. The dedication of McCormick employees drives our success, and I am grateful for their efforts as we pursue our goals in a balanced, transparent, and sustainable manner,” said Brendan M. Foley, President and Chief Executive Officer. “Our PLP approach is deeply rooted in our values and strategies, strengthening our business fundamentals and financial performance. From responsibly sourcing our iconic ingredients to ensuring our workforce reflects our diverse consumer base, our actions are always aligned with what drives McCormick’s future. I look forward to continuing this journey with all our stakeholders, both internally and externally, to create a more sustainable and resilient future.”

The 2023 PLP Progress Report highlights several key achievements:

  • The Science Based Targets initiative (SBTi) validated McCormick’s Net-Zero by 2050 goal.
  • 91% of McCormick’s top five branded iconic ingredients are now sustainably sourced, adhering to the company’s independently certified Grown for Good standard.
  • The company increased the resiliency of 90% of smallholder farmers growing its iconic herbs and spices, positively impacting over 44,500 farmers.
  • Globally, 45% of leadership positions are held by women, and in the U.S., 26% of leadership positions are held by ethnically diverse talent, supported by McCormick’s high-performing talent development programs
  • McCormick & Company is a global leader in flavor. With over $6.5 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French’s, Frank’s RedHot, Stubb’s, OLD BAY, Lawry’s, Zatarain’s, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers’ products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights and technology that we leverage from both segments are meaningful in driving sustainable growth.

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