McCormick Announces Suspension of Operations in Russia and Details Humanitarian Efforts for Ukraine

Rhea-AI Summary

On March 11, 2022, McCormick & Company (NYSE: MKC) announced the suspension of its operations in Russia as part of its response to the ongoing conflict in Ukraine. The company had previously halted all advertising and investments in Russia. Additionally, McCormick has paused operations in Ukraine, prioritizing employee safety. To support humanitarian efforts, McCormick is collaborating with the Polish Center for International Aid and the World Central Kitchen.

Positive

• Collaboration with humanitarian organizations for aid efforts.

Negative

• Suspension of operations in Russia could affect revenue from that market.
• Paused operations in Ukraine may lead to further market share loss.

 

HUNT VALLEY, Md., March 11, 2022 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), today announced a suspension of operations in Russia. This decision follows the action the Company took at the start of the conflict to stop all advertising and promotional activity and other investments in Russia.

Company operations in Ukraine have been paused in order to focus on the safety of employees and their families. To aid in humanitarian efforts, the Company is also supporting the Polish Center for International Aid (PCPM) and the World Central Kitchen.

McCormick hopes for an immediate end to the conflict in Ukraine and the suffering of innocent people. The Company will continue to monitor and assess the situation as circumstances evolve.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. As a Fortune 500 company with over $6 billion in annual sales across 170 countries and territories, we manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry including e-commerce channels, grocery, 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 and Gourmet Garden. Every day, no matter where or what you eat or drink, you can enjoy food flavored by McCormick.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is guided by our principles and committed to our Purpose – To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor where healthy, sustainable and delicious go hand in hand. To learn more, visit www.mccormickcorporation.com or follow McCormick & Company on Twitter, Instagram and LinkedIn.

For information contact: 
Corporate Communications: 
Lori Robinson - lori_robinson@mccormick.com

 

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SOURCE McCormick & Company, Incorporated

FAQ

What is McCormick's recent decision regarding operations in Russia?

McCormick has announced the suspension of its operations in Russia as of March 11, 2022.

How is McCormick supporting Ukraine amid the conflict?

McCormick is paused operations in Ukraine for employee safety and is aiding humanitarian efforts.

What is McCormick's stock symbol?

McCormick's stock symbol is MKC.