McCormick & Co. Inc. plans to cut $100 million in costs in the coming months as the spice giant begins to see demand and supply chain issues return to more normal levels. CEO Lawrence Kurzius said the cost-cutting initiative is part of Hunt Valley-based McCormick’s plan to better support customer demand and return inventory to pre-pandemic levels. That includes investing in areas of its business that have seen sustained high demand since the pandemic and right-sizing other areas that have seen a drop-off as the world has returned to more pre-pandemic modes. Kurzius discussed the cost-cutting plan during a call with analysts Thursday after the company posted its fiscal third quarter earnings, which saw McCormick (NYSE:MKC) grow sales by 3% and its profit increase nearly 5% year over year.
How McCormick plans to cut $100M in costs as supply chain, demand normalizes
October 10, 2022