Spice and flavorings company McCormick announced on Tuesday that it’s combining with Unilever’s foods division, which includes household names like Hellmann’s and Knorr.
The combined company will maintain McCormick’s name and leadership. But upon closing, Unilever shareholders are still expected to own 55.1% of the food company, as well as 9.9% in outstanding equity, while McCormick shareholders will own 35.0%.
Unilever and McCormick confirmed they were in talks about a deal last month, with Unilever attempting to streamline its business and focus on beauty and personal care products.
McCormick and its red-capped array of spices is a $15 billion company and the stable of brands it’s adding from Unilever are worth billions more.
The transaction announced Tuesday excludes Unilever’s food business in India, Nepal and Portugal.
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