McCormick Releases 2022 Purpose-led Performance Progress Report Highlighting Positive Impact of Farmer Resiliency, Sustainable Sourcing and Climate Initiatives

Rhea-AI Summary

McCormick & Company (NYSE: MKC) has released its 2022 Purpose-led Performance Progress Report, underlining its commitment to sustainable practices and positive community impact. Key achievements include:

• Increased resilience for over 31,000 farmers, aiming for 35,000 by 2025.
• Over 84% of top five branded ingredients sustainably sourced, nearing 100% for Red Pepper and Vanilla.
• Reduction of Scope 1 & 2 emissions by 40% and Scope 3 emissions by 20% since 2020, with a new goal of a 42% reduction by 2030.

McCormick has been recognized in various sustainability indices, ranking 22nd on the Corporate Knights Global 100 Sustainability Index. Its commitments include enhancing diversity in leadership and transitioning to renewable energy sources.

Positive

• Achieved recognition as the 22nd most sustainable corporation on the Corporate Knights Global 100 Sustainability Index.
• Sustainably sourced over 84% of top five branded ingredients, close to 100% for Red Pepper and Vanilla.
• Reduced Scope 1 & 2 emissions by 40% and Scope 3 emissions by 20% since 2020, with revised targets for further reductions by 2030.

Negative

• None.

HUNT VALLEY, Md., April 25, 2023 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today released its 2022 Purpose-led Performance (PLP) Progress Report, which emphasizes the Company's commitment to delivering top-tier financial performance while doing what's right for People, Communities, and the Planet. McCormick continues to take a leadership position in the global food and flavor industry with significant progress in sustainably sourcing its top five branded iconic ingredients, increasing resilience in farming communities and lessening its environmental impact.   

The 2022 report comes on the heels of several external honors for McCormick, including its recent recognition as the world's 22nd most sustainable corporation on the Corporate Knights Global 100 Sustainability Index. This year marks the seventh consecutive appearance on the list. The Company also retained its top position among food industry peers. McCormick was also recognized as one of America's 100 Most JUST Companies by JUST Capital and was named to the Barron's 100 Most Sustainable Companies list for 2023.

"I'm proud of McCormick's steadfast focus on delivering against our PLP commitments for 2025 and beyond. Our efforts to improve the livelihoods of farmers, sustainably source our branded iconic ingredients, and transition to renewable energy sources while making progress toward our Net Zero and 1.5^oC greenhouse gas reduction targets remain top priorities," said Lawrence E. Kurzius, Chairman and CEO of McCormick & Company. "As a global leader in flavor, we understand our responsibility to live our purpose by helping to improve lives and preserve the planet. I would like to thank our 14,000 global employees for their dedication and passion for creating a sustainable and flavorful future."

Key highlights from McCormick's 2022 PLP progress report:   

• Increased resilience of over 31,000 farmers across its supply chain with a goal to positively impact the lives of 35,000 farmers by 2025.
• Sustainably sourced over 84% of its top five branded iconic ingredients. The Company is now sustainably sourcing close to 100% of its branded Red Pepper and Vanilla.
• Reduced Scope 1 & 2 emissions by 40% and Scope 3 emissions by 20% since 2020. McCormick's near-term emission reduction targets have been validated by the Science Based Targets Initiative (SBTi) and the Company recently raised its ambition to a 42% reduction for Scope 1, 2 and 3 emissions by 2030. McCormick also has a Net Zero commitment by 2050.

The Company also has a continued commitment to diversity, equity, and inclusion as it aims to increase the representation of women and ethnically diverse talent at the leadership levels and strengthen its investment in learning and development to benefit its employees.

To learn more about our journey, please read our 2022 Purpose-led Performance Progress Report or view the Purpose-led Performance section of our Corporate website.

About McCormick
McCormick & Company, Incorporated is a global leader in flavor. 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:

Global Communications:
Lori Robinson – lori_robinson@mccormick.com

Global Communications: 
Meghan Winston – meghan_winston@mccormick.com

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SOURCE McCormick & Company, Incorporated

FAQ

What are the highlights of McCormick's 2022 Purpose-led Performance report?

Key highlights include the sustainable sourcing of over 84% of its top five ingredients and a commitment to positively impact 35,000 farmers by 2025.

How has McCormick improved farmer resilience?

McCormick has increased resilience for over 31,000 farmers across its supply chain.

What is McCormick's emission reduction target for 2030?

The company aims for a 42% reduction in Scope 1, 2, and 3 emissions by 2030.

Which sustainability indices has McCormick been recognized in?

McCormick ranked 22nd on the Corporate Knights Global 100 Sustainability Index and was named one of America's 100 Most JUST Companies.

What commitment does McCormick have towards diversity?

McCormick aims to increase representation of women and ethnically diverse talent at leadership levels.