MKC

McCormick & Company is rated "Buy," trading at a 19% discount to fair value, with visible earnings durability and a 40-year dividend growth streak. Q2 2026 results beat expectations, driven by the McCormick de México acquisition, organic growth, and margin expansion from pricing and supply chain savings. The pending $44.8 billion Unilever Foods acquisition could add top brands, boost distribution, and drive mid- to high-teens EPS accretion by year 3 post-close.

Unilever has agreed to protect employment terms of workers in its European and British food business for two years after the planned 2027 completion of its $65 billion ​merger of the unit with U.S. spice maker McCormick , according to a memo seen by Reuters.

The maker of spices and seasonings said the London listing would come in addition to its current listing on the New York Stock Exchange.

Combined Company to be Organized into Four Commercial Divisions Grounded in Flavor Leadership: Americas Consumer, International Consumer, Global Food Service, and Global Flavor Combined Executive Team to Bring Together Top Global Talent from Both Businesses Combined Company to Reflect Global Presence with Secondary Listing on London Stock Exchange and International Headquarters in the Netherlands HUNT VALLEY, Md., July 23, 2026 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC) ("McCormick"), today announces the planned operating model, Executive Team, and secondary listing location for the company following the closing of its proposed combination with Unilever's Foods business ("Unilever Foods")1, which is expected by mid-2027.

The company's core seasoning business has lost market share over the past few years to cheaper alternatives in the spice aisle. Unilever Foods brands like Hellmann's and Knorr face less competition from store brands.

MKC's outlook rests on resilient flavor demand, pricing discipline and margin gains, while soft volumes and modest organic growth keep investors watching.

MKC's growth story rests on resilient flavor demand, health-focused innovation, cost savings and portfolio moves, but volume execution still needs work.

MKC's sharp pullback and margin recovery make its valuation look appealing, but soft Consumer volumes and modest organic growth keep the case mixed.

The proposed combination with Unilever's food business could triple the business, generate shareholder value, and provide sufficient cash flow to enable balance sheet quality and capital returns.

MKC's Flavor Solutions strength, margin gains and Unilever Foods planning offset softer U.S. consumer spice trends as management targets a volume reset.