McCormick & Co. / MKC

About McCormick & Co.

18 Loveton Circle, Sparks, Md. 21152
www.mccormick.com | 410-771-7301 | Founded: 1889

Industry: Manufacturing | Category: Top Companies Headquartered in Maryland

McCormick capped a difficult year by announcing plans to close some factories, including one in Hunt Valley, Md., and cut up to 1,000 jobs worldwide as part of a three-year restructuring plan. The actions will eliminate up to 13 percent of the company's global workforce of 8,000. The company hopes to boost efficiency and earnings by dropping the spice maker's least-profitable business customers and consumer products, while raising prices on many items.
As part of the restructuring, McCormick will close its Hunt Valley condiment manufacturing plant, and move some of that work to a facility in South Bend, Ind. The factory's nearly 100 workers will be shifted to other facilities in Maryland.
The company also is closing a major plant in Salinas, Calif., but is moving most of that production to another Hunt Valley plant. Executives said the continuing consolidation of manufacturing operations will result in a small increase in Maryland jobs.
Both actions should be be completed by early 2007. The company said it also plans to close a smaller plant in Belgium and review its other facilities worldwide.
The company blamed Hurricane Katrina, the high cost of vanilla beans, tougher overseas competition and other factors for its sluggish profit and sales growth last year. Katrina both reduced sales in the Gulf region and damaged the company's Zatarains facility near New Orleans.

Chairman and CEO: Robert J. Lawless

2005 Financial Data

Revenues: $2,592,000,000 | Net Income: $214,900,000
Asssets: $2,272,700,000 | Earnings Per Share: $1.56
Stockholder Equity: $799,900,000 | Annual Dividend: $0.64
Total employees: 7,707 | Local employees: None